SEC Won’t Appeal Loss in Grayscale Case, Boosting the Odds GBTC Can Become a Bitcoin ETF

Bitcoin’s price immediately shot up after the news came out.

The SEC was rebuked by a court in August for how it rejected Grayscale’s application to turn its bitcoin (BTC) trust into an ETF.

The regulator won’t appeal that loss, a person familiar with the matter said Friday, boosting the odds the Grayscale Bitcoin Trust (GBTC) can be turned into a more-appealing ETF.

BTC's price jumped on the news.