The Grayscale Bitcoin Saga In 60 Seconds | #bitcoin #crypto

In October 2021, Grayscale, which manages the world's largest bitcoin trust, filed to become an exchange-traded fund (ETF). ETFs consist of a group of assets traded under one ticker symbol. A Bitcoin traded ETF would be beneficial to investors who do not wish to manage Bitcoin directly, as well as corporations whose contracts prohibit them from purchasing Bitcoin. Back in may, there were positive discussions, however Grayscale's application for approval has been quite delayed. Until now. The meeting happened and it didn't turn out too well. As reported earlier this week, Grayscale appealed the decision of the US court of appeals to reject its request to convert its grayscale Bitcoin trust into an ETF. Grayscale has filed suit against the federal agency in response to the decision. They would have been the first Bitccoin ETF to trade on the US stock exchange. Despite the setback, grayscale will continue to fight in court. Grayscale Bitcoin Trust shares dropped 35% in value following the news. Damn.