Bloomberg analyst James Seyffart wrote on X platform (formerly Twitter) that it is currently uncertain whether the SEC will make a new decision in the coming weeks or months, or require Grayscale to submit a 19b-4 form (used to notify regulatory agencies of proposed rule changes).

Seyffart's analysis states: "What we know is that with the existence of Bitcoin futures ETFs, the SEC cannot use the arguments of fraud and manipulation that they used in the past to reject spot ETFs, but may refuse to convert GBTC to ETFs based on previously unused reasons, such as potential opposition to Bitcoin custody, which would not surprise me."