Choose Neomi Rao, writing for the unanimous courtroom, mentioned the SEC’s denial of the applying was inconsistent with the approval of a pair of bitcoin futures ETFs, and didn’t clarify why it considered a majority of these merchandise in another way given the underlying bitcoin market had a “99.9% correlation” between spot and futures market costs. Grayscale’s argument that its proposed ETF was “materially related” to the futures ETFs received.
