Grayscale® | GBTC Lawsuit

GBTC Lawsuit Latest Updates

On June 29, 2022, Grayscale Senior Legal Strategist, former U.S. Solicitor General, and partner at Munger, Tolles & Olson, Donald B. Verrilli, Jr. filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit on behalf of Grayscale — the first step in a litigation process to contest the Securities and Exchange Commission’s (SEC) decision on our proposal to uplist Grayscale Bitcoin Trust (BTC) to a spot Bitcoin ETF*.

On August 29th, 2023, the D.C. Circuit unanimously ruled in favor of Grayscale in our lawsuit to uplist GBTC to an ETF, vacating the SEC’s initial denial order.

We intend to update this web page to keep our investors and partners apprised of next steps and key information throughout the rest of the appellate process.

You can sign up here for real-time email updates. If you’re a member of the press, please feel free to contact press@grayscale.com to learn more.

*We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), as well as other exchange-traded products which are not subject to the registration requirements of the ‘40 Act.

APPELLATE PHASE TIMELINE

10/23/23

Court issues formal Mandate

09/05/23

Grayscale submits Comment Letter

08/29/23

The D.C. Circuit rules in Favor of Grayscale

07/27/23

Grayscale submits Comment Letter

07/10/23

Grayscale files 28(j) Letter

03/07/23

Unofficial Written Transcript of Oral Arguments

03/07/23

Audio Recording of Oral Arguments

02/03/23

Grayscale files Final Reply Brief

02/03/23

SEC files Final Reply Brief

02/03/23

Grayscale files Final Opening Brief

01/23/23

Oral Arguments Notice

01/13/23

Grayscale files Reply Brief

12/09/22

SEC files Reply Brief

10/18/22

Amicus briefs for Grayscale are filed

10/11/22

Grayscale files Opening Brief

08/17/22

Court files Briefing Schedule

06/29/22

Grayscale files Petition for Review

06/29/22

Grayscale initiates litigation

06/29/22

The SEC denies Grayscale's application to convert to an ETF

Amicus Briefs in Support of Grayscale

The Chamber of Commerce of the United States of America

Investors Choice Advocacy Network, joined by economic and law professors, and former SEC, CFTC and OCC officials

NYSE Arca

The Blockchain Association, joined by crypto trade associations, think tanks and advocacy groups

Coinbase, Inc

Litigation Filings

Mandate

Comment Letter Submitted

The D.C. Circuit Ruled in Favor of Grayscale

Comment Letter Submitted

Letter of Petitioner Regarding Supplemental Authority Under Fed. R. App. P. 28(j)

Response of Petitioner to Letter of Respondent Regarding Supplemental Authority Under Fed. R. App. P. 28(j)

Letter of Respondent Regarding Supplemental Authority Under Fed. R. App. P. 28(j)

Oral Argument Time Allocation

Final Reply Brief of Petitioner Grayscale Investments, LLC

Final Reply Brief of Respondent SEC

Final Opening Brief of Petitioner Grayscale Investments, LLC

Oral Arguments Notice

Reply Brief of Petitioner Grayscale Investments LLC

Reply Brief of Respondent SEC

Order Granting Unopposed Motion to Modify Briefing Schedule

Respondent's Unopposed Motion to Modify Briefing Schedule

Opening Brief of Petitioner Grayscale Investments LLC

Order Granting Unopposed Motion to Extend Time

Petitioner’s Unopposed Motion to Extend Time

Certificate Describing the Documents in the Record Before the SEC

Certificate As To Parties, Rulings, And Related Cases

Agency Docketing Statement

Statement Of Intent To Utilize Deferred Joint Appendix

Petitioner’s Statement Of Issues To Be Raised

Underlying Decision From Which Petition Arises

Disapproval Order (SEC Release No. 34–95180)

Scheduling Order

Petition For Review

Further Reading

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GBTC Litigation: Oral Arguments Unofficial Transcript

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On the Pending GBTC Decision from the SEC

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Q&A Our Lawsuit Against the SEC

*By AUM as of 9/30/2023

Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by emailing info@grayscale.com or by contacting Grayscale Securities, LLC 290 Harbor Drive, Stamford, CT 06902.

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