On August 29, 2023, a panel of the Court of Appeals for the DC Circuit unanimously vacated the SEC’s June 2022 denial of Grayscale Bitcoin Trust’s (GBTC) conversion to a spot bitcoin ETF.1 This is a significant milestone in GBTC’s conversion – a win celebrated by GBTC shareholders, the Grayscale team, and the Bitcoin, Crypto, and investment communities more broadly.