Following the District Court’s instruction to the SEC to review the application, Grayscale Investments has announced that it is relaunching its effort to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF by submitting a new application to the U.S. Securities and Exchange Commission (SEC).
Awaiting Court Order
The application was submitted as an S-3 filing by Grayscale earlier this morning. With this application, it will reiterate the previous decision of the U.S. DC Circuit Court, but an official court order is awaited before any final action can be taken.
Notably, Grayscale had filed a lawsuit last year after the SEC rejected its proposal to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. However, the company had also sent a letter to the SEC expressing its willingness to engage with regulators to discuss the conversion to a spot Bitcoin ETF.