The Securities and Exchange Commission isn’t planning to ask a federal appeals court to reconsider a ruling that paved the way for Grayscale Investments LLC to launch a spot Bitcoin exchange-traded fund, according to a person familiar with the matter.

In August, the DC Circuit Court of Appeals overturned the SEC’s rejection of Grayscale’s bid to convert its trust into an exchange-traded fund. The ruling was made by just three of the judges on the court and the regulator could have sought a review by a fuller slate of judges.

Grayscale has said that billions of dollars in value for investors would be unlocked by converting to an ETF as shares could be easily created and redeemed. The current closed-end structure doesn’t let investors redeem shares when prices decline, leading to trading at steep discounts relative to the underlying Bitcoin.

The case is Grayscale v. SEC, 22-1142, US Court of Appeals for the District of Columbia Circuit.

--With assistance from Sabrina Willmer.