Grayscale Investments has communicated to the U.S. Securities and Exchange Commission (SEC) that there are no grounds to deny the transformation of its Grayscale Bitcoin Trust (OTC:GBTC) into an exchange-traded fund (ETF). The company highlighted a recent decision by the U.S. Court of Appeals, which overturned the SEC's prior disapproval of the trust's ETP conversion. Grayscale also pointed out the financial implications of the delay, stating that the trust's shares trading at a substantial discount could be rectified if the trust received the same treatment as Bitcoin futures ETPs.