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Paired with SOLGrayscale Investments emerged victorious in court proceedings with the SEC in August. The judge ruled that the commission's refusal to convert the Grayscale Bitcoin ETF (GBTC), but allowed futures-based funds, was "arbitrary and capricious." "I think it's all coming together, and if you look at our appreciation expectations for Bitcoin, we think the lion's share of the appreciation over the next five to ten years will come from institutions
