Sun. Jun 16th, 2024

Bitcoin Jumps to $27.4K As Grayscale Wins Lawsuit Against SEC

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Crypto asset manager Grayscale Bitcoin Trust (GBTC) has scored a major victory against the U.S. Securities and Exchange Commission (SEC) in its efforts to convert its over-the-counter GBTC application into a listed Bitcoin ETF.

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On June 29, 2022, the SEC denied Grayscale’s application to convert GBTC into a listed spot ETF. The next day, Grayscale’s senior legal strategist, former U.S. Solicitor General Donald B. Verrilli Jr., filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit. 

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Early this year, shares of GBTC traded at nearly 50% discount to the net asset value due to the firm’s then ongoing litigation with the SEC and credit concerns regarding its parent Digital Currency Group (DCG).

Then today, August 29, U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale’s petition for review be granted and the SEC’s order to deny the GBTC listing application to be vacated.

Grayscale remains the largest over-the-counter traded Bitcoin fund, with over $14 billion in market capitalization.

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By Tony Chimdiuto

Diutocoinnews Admin. Send all publications to info@diutocoinnews.com.ng

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