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.
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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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