A spot-based Bitcoin ETF is now likely coming. Coinbase and other Bitcoin-related stocks are surging.
A federal court on Tuesday said that the Securities and Exchange Commission acted arbitrarily when it denied Grayscale Investments’ attempts to convert its Grayscale Bitcoin Trust into an exchange-traded fund. While the saga to create the first spot Bitcoin ETF likely isn’t over, the creation of such a fund now looks all but inevitable, giving the crypto industry a major legal victory.
“This is a monumental step forward for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper,” a spokeswoman for Grayscale said in a statement. GBTC had been trading at a significant discount to the value of the Bitcoin it holds. That gap is likely to close as traders anticipate an ETF approval.
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