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Wall Street Welcomes First Bitcoin ETF

August 29, 2023
x min read

In a long anticipated decision, the court has ruled that Grayscale was unfairly denied approval for their Bitcoin ETF, with a judge saying the SEC was wrong to not allow them to proceed.

The landmark decision is setting off euphoria within the crypto community, as it paves the path forward for mainstream adoption and ownership of Bitcoin.


  • Grayscale, one of the largest crypto focused asset managers globally, applied to convert their Bitcoin Trust into a Bitcoin ETF last year and was denied by the SEC
  • Shortly thereafter, Grayscale launched a lawsuit against the SEC over their denial
  • This new ruling represents a paradigm shift in the regulatory attitude towards Bitcoin ETFs

What’s happening now:

  • The Grayscale Bitcoin ETF is expected to list soon now that the legal decision has overturned
  • This is a different ETF entirely from the one that Blackrock, one of the world’s largest asset managers, has applied for approval for

Going deeper:

  • This positive shift in sentiment is leading many to believe that Blackrock and Fidelity- both of which have applied for Bitcoin ETFs- will receive approvals
  • Further, it’s yet another step forward in long awaited regulatory clarity in the United States around the intersection of crypto and public markets

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