The CEO of Grayscale Investments admitted that he is not yet sure whether his company will submit a new application to convert the GBTC exchange-traded fund into a bitcoin spot ETF.

A US federal court recently declared illegal the decision of the Securities and Exchange Commission (SEC) to refuse to convert GBTC into a spot ETF. However, this Grayscale victory did not inspire Michael Sonnenshein too much. The head of the company believes that the court’s decision is not yet final, it can be appealed by the SEC.

“We need to look at the final actions that the court will offer us in its final verdict. Despite the interim decision, we still do not know the final opinion of the court,” recalled Sonnenschein.

At the same time, Michael Sonennshine himself admits that the SEC has very few justified reasons for refusing to launch spot ETFs for bitcoin. But a large number of companies have such applications, including VanEck, Invesco, Fidelity, Valkyrie and the largest management company BlackRock.

Bloomberg Senior ETF Analyst Eric Balchunas said earlier that he was 95% confident in the approval of a spot cryptocurrency ETF – but next year.