The cryptocurrency market, including Bitcoin, saw a significant uptick following the announcement of the news.
Grayscale Bitcoin Trust (GBTC), a leading crypto asset management firm, has secured a major legal win against the U.S. Securities and Exchange Commission (SEC) in its quest to transition its GBTC over-the-counter listing into a Bitcoin Exchange-Traded Fund (ETF).
According to court documents dated August 29, U.S. Circuit Court Judge Neomi Rao ruled in favor of Grayscale’s petition for review and overturned the SEC’s previous decision to deny GBTC’s listing application. Earlier, Judge Rao had stated that the SEC had failed to provide “any explanation” as to why Grayscale’s application was flawed. However, the ruling does not automatically guarantee that Grayscale’s spot Bitcoin ETF will be listed.