The price of bitcoin surged Tuesday after the U.S. Court of Appeals for the DC Circuit ruled that the Securities and Exchange Commission was wrong to deny crypto investment giant Grayscale permission to convert its popular bitcoin trust into an ETF.
"Today's decision reaffirms that a bitcoin ETF in the U.S. is a matter of when, not if," said Steve Kurz, Global Head of Asset Management at Galaxy, which filed with Invesco for its bitcoin ETF.
Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF.
The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021.
The Grayscale Bitcoin Trust itself jumped 16%.
Persons:
Bitcoin, bitcoin, it's, Steve Kurz, Invesco, Gary Gensler, —, Jesse Pound
Organizations:
Metrics, U.S ., Appeals, DC Circuit, Securities and Exchange Commission, SEC, Fidelity, Asset Management, Galaxy, SEC enforcements
Locations:
U.S, BlackRock