🗓️ Today 10/13/2023 is the last day for the SEC to make a decision on the conversion of the Grayscale bitcoin trust to an ETF

The SEC has three options: approve the conversion, file an appeal, or delay the decision.

Bloomberg ETF analyst James Seyfarth thinks the SEC will likely come up with something to delay the decision for a few more months. Lawyers following the case agree that an appeal will do nothing, so the Commission needs time to find a new reason to refuse the conversion.

However, if the SEC does not find such a reason, it will have an even harder time finding a way to reject other applications for spot bitcoin ETFs.

As a reminder, from 2021, Grayscale requires permission from the SEC to convert the GBTC trust into an ETF.