Grayscale Files New Bitcoin ETF Application After Court Win, But NY AG Lawsuit Looms

Grayscale filed a new application with the SEC for a spot Bitcoin ETF, laying groundwork for its Grayscale Bitcoin Trust (GBTC) to operate as an ETF.

This comes after Grayscale's court victory over SEC saying it had no basis to deny Grayscale's ETF request.

But lawsuit against Grayscale parent DCG by NY AG Letitia James could complicate matters, seeking to bar DCG from NY securities business.

GBTC discount is closing, signifying investors increasingly confident in the product.

SEC has not yet approved Grayscale's application, unclear if it will be among first spot Bitcoin ETFs approved.