It is important to note that this does not mean GBTC is automatically being converted to a spot Bitcoin ETF, although this victory does bring us one step closer to that reality. The order is being vacated and sent back to the SEC. The SEC now has 45 days to appeal and file for an en banc hearing, which means the case will be heard by all 17 judges on the court instead of just the three that were involved in today's decision, according to Bloomberg ETF analyst James Seyffart.