Reporter Eleanor Terrett posted on social media that according to Grayscale’s statement on the SEC’s decision not to seek retrial: the 45-day period for seeking retrial under the Federal Rules of Appellate Procedure has expired.
The court will now issue the final authorization within seven days. The Grayscale team remains operationally ready to convert GBTC into an ETF once SEC approval is obtained, and we look forward to sharing more information as soon as feasible. “
It was previously reported that the SEC does not plan to appeal the Grayscale ruling, which is in line with many industry insiders’ predictions about the situation.
This decision will increase the likelihood that the Grayscale Bitcoin Trust (GBTC) will convert into a more investor-friendly ETF.