A DC court issued a mandate, asserting its initial ruling that the SEC needs to reconsider a bid from Grayscale for a spot bitcoin ETF.
The U.S. Court of Appeals for the D.C. Circuit issued a formal mandate to assert its August ruling that the Securities and Exchange Commission needs to reconsider the bid from Grayscale Investments to convert its flagship GBTC fund into a spot bitcoin ETF.
"In accordance with the judgment of August 29, 2023, and pursuant to Federal Rule of Appellate Procedure 41, this constitutes the formal mandate of this court," according to the mandate filed on Monday. GBTC intends to list the shares on NYSE Arca under the symbol GBTC, and issue the shares on an ongoing basis upon approval of its S-3 form and a separate 19b-4 filing from NYSE Arca.
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