What really impresses me the most is Grayscale.

Actually, what really impresses me the most is Grayscale.

In October 23, Grayscale's lawsuit victory against the SEC was actually a true "turning point" after more than 20 BTC spot ETF rejections.

Looking back, at the peak of the bull market in 2017, CBOE and CBOT launched Bitcoin futures, which was also considered the first time that traditional funds officially entered the cryptocurrency market through traditional tools.

In the following year of 2018, Proshares, Gemini, and VanECK attempted to apply for a Bitcoin spot ETF, but all ended in failure. Yes, VanECK was one of the earliest institutions to apply, and today it has indeed borne fruit.

I vaguely remember that at the end of 2018, in the annual report we co-wrote, my current partner @ResearchNothing and former colleague @bonnazhu made a judgment:

"However, contrary to what many people think, we expect that Bitcoin ETFs will still not have a smooth sailing in 2019. The current market foundation is not sufficient to support the existence of ETFs."

What was that saying? The bullet shot back then unexpectedly hit the bull's eye many years later.

In the following years of 2019, 2020, 2021, 2022, and 2023, for five consecutive years, all applications for Bitcoin spot ETFs were rejected by the SEC. Sometimes the reasons were clear, such as volatility and market manipulation, and sometimes they were vague, but everyone knew it in their hearts.

Fortunately, other countries introduced Bitcoin spot ETF/ETP midway, such as Switzerland, Canada, and Germany; the United States also approved Bitcoin futures ETF, and the sovereign state of El Salvador announced that Bitcoin would become its legal tender.

This somewhat boosted morale.

However, the repeated rejections by the SEC, including multiple rejections of Grayscale's incomplete version of Bitcoin Trust transforming into a true ETF, inevitably led many people to become "surrenderists," giving rise to thoughts of self-imprisonment. Opinions included but were not limited to:

Traditionalists can also use Coinbase
Bitcoin doesn't need this old money
Futures ETF also has tracking effects

And so on.

However, Grayscale did not give up and continued to persist in its application.

It was at the end of 2023 that Grayscale courageously sued the SEC. It is worth noting that the SEC's track record in facing Crypto lawsuits is outstanding, with few defeats.

And, Grayscale won the epic lawsuit.

I specifically watched this victory in October 2023, and at the time I was quite encouraged. This victory was no different from the Battle of Stalingrad in World War II, or the Battle of Weishui in the Chu-Han Contention - it can be called a true turning point.

Of course, BlackRock, Ark, and other traditional institutions have their own energy and strength, and they are also excellent endorsements. However, it must be said that the ETF train was ultimately driven by Grayscale.

An original institution from Crypto, being able to appear on the first list of approved Bitcoin spot ETFs alongside these giants that dominate the traditional world, I think it should be very proud.

In addition, Grayscale is indeed a fervent believer, and everyone has seen Barry's calls.

In 2022, FTX went bankrupt, affecting a series of companies. Grayscale's parent company DCG forcibly caused its severely affected subsidiary Genesis to go bankrupt, which was a desperate move to save Grayscale.

That was the valley of despair.

Fortunately, it survived the valley of despair and did not end up like SBF.

The first ninety miles are half the journey.

The closer you get to success, the more difficult it becomes, and the more seriously you have to take it.

In the end, we have today.

On January 11, 2024, Bitcoin officially transitioned from a niche alternative asset to a mainstream asset.

This day is worth remembering for all of us.