Shares of crypto-exposed stocks like Coinbase, Marathon Digital rallied more than TK% on the news.
Topline
Federal judges ruled Tuesday the Securities and Exchange Commission was wrong to dismiss asset manager Grayscale’s application to open a spot bitcoin exchange-traded fund (ETF), causing digital assets to tack on more than $50 billion amid enthusiasm about the potential for easier investment into bitcoin.Key Facts
A Washington, D.C., appeals court determined Tuesday the SEC was wrong to reject Grayscale’s request to turn its Bitcoin Trust mutual fund into a more accessible ETF, characterizing the decision as “arbitrary and capricious” and ordering the agency to reconsider the application.
Crypto evangelists celebrated the opening of the door for approval for what would be the U.
