币界网报道：The U.S. Securities and Exchange Commission (SEC) has approved Grayscale Investments' application to convert its Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF), marking a significant milestone for cryptocurrency adoption in traditional finance. This decision comes after Grayscale's legal victory against the SEC last year, where a federal appeals court ruled the regulator's rejection of the conversion was "arbitrary and capricious." The approval paves the way for GBTC to begin trading as an ETF on NYSE Arca under the ticker GBTC, joining other recently approved spot Bitcoin ETFs from major asset managers like BlackRock and Fidelity. Analysts suggest this development could drive substantial institutional inflows into Bitcoin, with Standard Chartered Bank predicting the ETF approvals could push Bitcoin's price to $130,000 by 2025. Grayscale CEO Michael Sonnenshein stated the approval represents "a major step forward for American investors and the Bitcoin ecosystem," while SEC Chair Gary Gensler emphasized the decision does not constitute an endorsement of Bitcoin itself. The move is expected to increase liquidity and reduce the premium/discount volatility that has characterized GBTC shares in recent years. Industry observers note this approval could accelerate institutional adoption of cryptocurrency investments while providing retail investors with more regulated exposure to Bitcoin through traditional brokerage accounts.