Grayscale CEO Michael Sonnenshein took to X (Twitter) Monday morning to say “it’s been a ten year dress rehearsal. we’re ready for the main event,” ahead of seemingly imminent approval for the conversion of its flagship fund into a spot Bitcoin ETF.

On June 29, 2022, Grayscale filed a lawsuit against the SEC for denying its spot Bitcoin ETF conversion.

Since then, Grayscale won its lawsuit against the SEC, with the regulator then deciding not to appeal the court decision after.

Ten days later, the US Court of Appeals issued a mandate that the SEC must re-review Grayscale’s spot Bitcoin ETF application.