Verdict in Bitcoin ETF case another day

Verdict in Bitcoin ETF case another day

An expected decision in Grayscale’s lawsuit with the US Securities and Exchange Commission (SEC) last year did not come today. Markets expected the court to decide on the matter this week. Now there are hopes left from next Tuesday.

Grayscale applies to the SEC to convert 625,000 BTC of GBTC funds into an ETF. The SEC rejected this application in June 2022, and Grayscale filed with the SEC in court the same day. The first hearing in the court took place in March. It seems that the decision in such cases is usually given within 160 days. It has been 163 days since the first hearing. It is expected that the court will give its verdict soon.

Analysts believe Grayscale has a 70 percent chance of winning the case. It is said that if the company wins the case, the way will be cleared for spot bitcoin ETF application and approval can be given before 2024.

No decision in the case had any negative effect on the price of bitcoin. The number one crypto currency is trading at 26 thousand dollars according to 21.25 TSI.

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