So the SEC did not appeal the court ruling on Grayscale's proposal to convert GBTC fund -> Bitcoin Spot ETF.
Putting us, once again, waiting for the SEC and Grayscale to work next week on an APPROVAL, REJECTION or DELAY decision.
Possible possibilities:
- The SEC may find other reasons to reject the ETF other than the reasons the court rejected (low possibility)
- SEC will approve Grayscale's ETF (low possibility)
- The SEC may require Grayscale to resubmit its application, setting an additional 240-day deadline for a decision, at which point Grayscale's application will rank behind Wall Street giants (high possibility).
Grayscale's results are highly anticipated because once the SEC approves Grayscale, it is highly likely that other proposals from Wall Street giants will also be approved, as early as January 2024 (Application from Ark Invest).
