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Why Grayscale Bitcoin Trust Stock Is Higher Today

Grayscale Bitcoin Trust (OTC: GBTC) shares are trading higher Tuesday after the US federal appeals court ruled the SEC was wrong to reject Grayscale Investments' spot Bitcoin (CRPTO:BTC)
byErica Kollmann
August 29, 2023
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Grayscale Bitcoin Trust (OTC:GBTC) shares are trading higher Tuesday after the US federal appeals court ruled the SEC was wrong to reject Grayscale Investments’ spot Bitcoin (CRPTO:BTC) ETF application.

The Details:

A federal court has ordered the Securities and Exchange Commission (SEC) to review its rejection of the application from Grayscale Investments to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.

Grayscale Investments initially applied for the ETF conversion in October 2021, and the SEC rejected the application on June 29, 2022. 

Related News: What’s Going On With FuelCell Energy Stock?

GBTC Price Action: According to Benzinga Pro, shares of GBTC are up more than 13% at $20.03 at the time of publication.

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Image: xresch from Pixabay

 
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