US court upholds Grayscale ruling, paving the way for the SEC to review the Bitcoin exchange-traded fund.

The US Court of Appeals issued a mandate following a decision that Grayscale Investments’ application for a bitcoin spot trading fund be reviewed by the Securities and Exchange Commission.

On October 23 Deposit In the U.S. Court of Appeals for the District of Columbia Circuit, the court’s “mandate” went into effect, paving the way for the SEC to review its decision on Grayscale’s Bitcoin (BTC) Spot Trading Fund, or ETF. The mandate came after the court’s initial ruling on August 29 and the SEC’s failure to file an appeal by October 13.

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The October 23 mandate reaffirmed the court’s August 29 ruling, giving Grayscale a second opportunity to convert its Grayscale Bitcoin Trust into a listed BTC ETF. So far, the SEC has yet to approve a single-spot cryptocurrency ETF to list on US exchanges, but it has given the green light to investment vehicles tied to Bitcoin and Ethereum (ETH) futures.

On October 19, Grayscale filed a registration statement with the Securities and Exchange Commission to list shares of its Bitcoin Fund on the New York Stock Exchange Arca under the ticker symbol GBTC. The investment firm and other major firms — including BlackRock, ARK Investment, and Valkyrie — have applications for spot cryptocurrency ETFs pending with the Securities and Exchange Commission.

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