GBTC LAWSUIT

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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*.

 

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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APPELLATE PHASE TIMELINE

June 29, 2022

The SEC denies Grayscale’s application to convert GBTC to an ETF.

June 29, 2022

October 11, 2022

Grayscale Brief due date

October 18, 2022

Grayscale Amicus Brief due date

November 9, 2022

SEC Brief due date

November 30, 2022

Grayscale Reply Brief due date

December 21, 2022

Final Brief’s due date

Latin for “friend of the court”, briefs from interested third parties arguing why the court should or should not rule in our favor.

Amicus Briefs in support of Grayscale

Amicus Briefs In Support of the SEC

*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.