Crypto investment firm Grayscale has been working for the better part of a year to convert its Grayscale Bitcoin Trust—which has over $28.5 billion in assets under management—into a Bitcoin exchange-traded fund, or ETF.

Standing in its way, however, is the U.S. Securities and Exchange Commission (SEC), which has yet to approve any crypto-backed spot ETF for American investors.

With the agency set to make a decision by July 6, CEO Michael Sonnenshein would consider suing the agency if the application is rejected. He told Bloomberg, in response to a question about a potential lawsuit, "I think all options are on the table."

The Grayscale Bitcoin Trust allows private investors to buy shares in a pool of Bitcoin so they can gain some price exposure to the asset without having to worry about custody. It also can have certain tax benefits compared to direct investments into Bitcoin. But it also has some downsides, including six-month lockup periods for accredited investors—and pullouts can cause the price to fluctuate.