According to Bloomberg Intelligence's lawsuit analyst in a report on Wednesday, Grayscale's victory over the SEC could pave the way for the company to convert it into the first spot Bitcoin ETF in the United States. This change would allow redemption of fund shares, making Alameda's lawsuit unnecessary, which demands that GBTC reduce fees and implement a redemption plan. Redemption may align the value of the fund with the value of the Bitcoin it holds, which has been a long-standing demand of the fund.

The analyst wrote: "Grayscale's court ruling may indicate that it is too early for Alameda to try to release about $9 billion in funds for Grayscale shareholders, and the ultimate resolution of the issue may be delayed."