The US Securities and Exchange Commission (SEC) has until midnight this Friday (13th) UTC time (9pm in Brazil) to appeal a court decision in favor of asset manager Grayscale that occurred in August this year regarding the application for a Bitcoin spot ETF. Grayscale is the manager of the world's largest cryptocurrency fund, the Grayscale Bitcoin Trust (GBTC).

In the ruling, the court had concluded that the SEC was being “arbitrary and capricious” toward Grayscale by denying its spot Bitcoin ETF application while allowing alternative future Bitcoin ETFs.