The U.S. Securities and Exchange Commission (SEC) will reportedly not appeal the court decision that favored Grayscale Investments, requiring the SEC to review the firm's spot Bitcoin exchange-traded fund (ETF) application. Bloomberg analysts expect the SEC not to appeal to the Supreme Court, but this does not guarantee approval of Grayscale's application.

The SEC will need to follow the court's order and review Grayscale's application to change its Grayscale Bitcoin Trust into a spot Bitcoin ETF. Around seven spot Bitcoin ETF applications are currently awaiting a decision from the SEC, and Bloomberg's senior ETF analyst suggests a 90% chance of approval for a spot Bitcoin ETF application in January 2024.