Grayscale CEO Michael Sonnenshein has described the recent US appeals court decision overturning the SEC's block of his firm's proposed spot Bitcoin ETF as a "huge win." The ruling has raised hopes for the launch of the first US ETF directly investing in Bitcoin. Sonnenshein expressed uncertainty about the next steps for Grayscale, mentioning the final operational procedures and the 45-day window for an en banc hearing. The market reacted swiftly to the news, with GBTC shares surging 17% but later dipping, indicating some skepticism.

The ruling's broader implications include observing the SEC's response to other spot Bitcoin ETFs filed by industry giants like Bitwise, BlackRock, Fidelity, and Invesco. Grayscale's victory has increased the likelihood of a Bitcoin spot ETF, with Bloomberg analysts raising the odds to 75% for this year and 95% by the end of 2024. The industry now awaits the SEC's decision on the batch of spot Bitcoin ETFs, with expectations of a different approach given the recent ruling. At the time of writing, BTC was trading at $27,280.