On June 29, 2022, Grayscale Senior Legal Strategist, former U.S. Solicitor General, and partner at Munger, Tolles & Olson, Donald B. Verrilli, Jr. filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit on behalf of Grayscale — the first step in a litigation process to contest the Securities and Exchange Commission’s (SEC) decision on our proposal to convert Grayscale Bitcoin Trust (BTC) to a spot Bitcoin ETF*.


We’re in the midst of the appellate phase of the litigation process – including initial filings, briefings, oral arguments, and a final court decision – can typically take about a year, but could be shorter or longer. We intend to update this web page to keep our investors and partners apprised of various litigation milestones and information.


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*We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), as well as other exchange-traded products which are not subject to the registration requirements of the ‘40 Act.