SEC Deadline on Grayscale's Bitcoin ETF Dispute Approaching at Midnight

Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.

The final hours are ticking down for an appeal from the U.S. Securities and Exchange Commission in its dispute with Grayscale Investments over establishing a spot bitcoinexchange-traded fund . If the agency does nothing further by midnight Eastern, Grayscale's application to convert its Bitcoin Trust to an ETF formally returns to life.

Grayscale first applied for its GBTC closed-end fund to be converted into a spot bitcoin ETF in October 2021. Grayscale – a unit of Digital Currency Group, which is also the parent of CoinDesk – isn't alone in its pursuit of this approval. High profile financial firms including BlackRock and Fidelity are also awaiting SEC word on their applications for spot bitcoin ETFs.

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