Grayscale’s litigation brought by Alameda Research, a causeless lawsuit, had the potential to render unnecessary, as noted by Bloomberg Intelligence analysts. Grayscale’s victory over the SEC could pave the way for the company to convert the Grayscale Bitcoin Trust (GBTC) into a bitcoin ETF - which would allow for the return of its fund shares and may make it unnecessary for Alameda to sue.

“The Grayscale court ruling likely indicates that Alameda’s attempt to free around $9 billion for Grayscale shareholders is premature, and the final resolution of the issue may take a long time,” legal analysts from Bloomberg Intelligence said in a note released Wednesday. This could allow the fund to stay more closely linked to the value of the bitcoin holdings underlying it, something it hasn’t been able to successfully do for some time.

Alameda Research’s lawsuit in March filed high fees against Grayscale and its owner, Digital Currency Group (which also owns CoinDesk), and not allowing investors to repurchase shares from two crypto-focused trusts, the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust. attacked for.