Bitcoin (BTC) Price Rises on Grayscale Decision; GBTC, Coinbase (COIN), Marathon (MARA), Riot (RIOT) are rising

Bitcoin (BTC) is up around 5% to above $27,000 in the last hour after a federal appeals court ruled that the SEC overturned its rejection of Grayscale Investments’ attempt to convert its Grayscale Bitcoin Trust (GBTC) must check. convert to an ETF.

GBTC is 17% higher, narrowing its discount to net asset value (NAV) from 25% to 17%, as traders bet the ruling could pave the way for an ETF conversion that would eliminate the discount entirely.

The legal victory potentially opens the door for a spot Bitcoin ETF in the US. Proponents have long argued that allowing these types of products would allow a larger segment of the public to invest in bitcoin without having to bother buying the cryptocurrency directly or dealing with potential problems like their custodial providers collapsing .

“The Securities and Exchange Commission recently authorized two bitcoin futures funds to trade on national exchanges, but denied approval for Grayscale’s bitcoin fund,” Rao said. “Grayscale is seeking a review of the Commission’s denial order, alleging that its proposed bitcoin exchange-traded product is substantially similar to bitcoin futures exchange-traded products and should have been admitted to trading on the NYSE Arca. We agree.”

Public crypto names seeing gains include Coinbase (COIN) up 13% and MicroStrategy (MSTR) up 9%. The hard-hit miners are seeing even bigger moves: Marathon Digital (MARA) is up 24%, while Riot Platforms (RIOT) and Hut 8 Mining (HUT) are each up 16%.

Altcoins are also seeing sizeable gains, including Ether (ETH), Cardano (ADA), Dogecoin (DOGE), and Solana (SOL) up around 5%.

According to CoinGlass, $87 million worth of short sales have been liquidated in the past 24 hours, including $76 million in the hour following this morning’s news.

“Bitcoin’s immediate price surge following the ruling underscores the market’s anticipation and the profound implications of such a decision,” said Ji Kim, general counsel and head of global policy for the Crypto Council for Innovation. “With spot bitcoin ETFs now closer to a potential launch, we are witnessing real-time investor confidence in the crypto space given this court’s decision.”

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