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 convert 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 convert GBTC to an ETF, vacating the SEC’s initial denial order.
The Grayscale team and our legal advisors are actively reviewing the details outlined in the Court’s opinion. 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.
*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