Bitcoin Rallies, Crypto Assets Surge After Grayscale Wins Suit Over ETF Application

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Last Updated:

Aug. 29, 2023 at 6:17 PM EDT

Updated 5 hours ago

By

Jack Pitcher

, Reporter

Bitcoin rose Tuesday, extending gains after a court ruled that the Securities and Exchange Commission should not have rejected asset manager Grayscale's spot bitcoin exchange-traded fund application.

The ruling could help clear the path for the first ETF offering direct exposure to bitcoin, which would allow anyone with a brokerage account to invest in the cryptocurrency.

Bitcoin was recently up about 6%, while the Grayscale Bitcoin Trust was roughly 13% higher. The trust, which allows investors to trade shares in a trust that holds bitcoin, has traded at a discount to the assets it holds. If it is able to convert to an ETF, analysts expect it to track bitcoin closely.

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