With the Securities and Exchange Commission opting against appealing a ruling that paves the way for Grayscale Investments LLC to convert its Bitcoin trust into an exchange-traded fund, analysts are now trying to gauge how the process may unfold from here.
The crypto asset-manager earlier this year scored a legal victory in federal court in its bid to turn its Grayscale Bitcoin Trust (ticker GBTC) into the first US ETF that would invest directly in the largest digital coin. The SEC faced a Friday deadline to appeal the ruling. The agency is not planning any other appeals in the case, according to a person familiar with the matter, who asked not to be identified discussing the ongoing matter.
