The ruling between Grayscale and the SEC will take three to six months, and Grayscale has a 70% chance of winning

Grayscale conducted oral argument in a lawsuit brought by the U.S. Securities and Exchange Commission (SEC) denying its application to convert the Grayscale Bitcoin Trust into an ETF. Elliott Z. Stein, a senior litigation analyst at Bloomberg, said after listening to the arguments, raising Grayscale's odds of winning to 70 percent from 40 percent, adding that a ruling between Grayscale and the SEC could take three to six months. If Grayscale’s application is ultimately approved, it would unlock $5.5 billion in value for GBTC.