Grayscale Wins Court Battle Over Bitcoin ETF Rejection, SEC Ordered to Reconsider Decision

Grayscale wins court case over SEC rejection of spot bitcoin ETF
D.C. Circuit Court ruling orders SEC to scrap rejection of Grayscale's application
Formal closure of case solidifies initial ruling SEC was "arbitrary and capricious"
SEC chose not to appeal ruling, returning issue to the agency
SEC could approve Grayscale's application or reject it on new grounds
Grayscale seeks to convert $17B Grayscale Bitcoin Trust into a spot ETF
SEC also reviewing spot bitcoin ETF applications from BlackRock, Fidelity, Franklin Templeton