Why Grayscale Bitcoin Trust Stock Is Higher Today
Portfolio Pulse from Erica Kollmann
Grayscale Bitcoin Trust (OTC:GBTC) shares are trading higher after a US federal appeals court ruled that the SEC was wrong to reject Grayscale Investments' spot Bitcoin ETF application. The court has ordered the SEC to review its rejection of the application. Grayscale Investments initially applied for the ETF conversion in October 2021, and the SEC rejected the application on June 29, 2022. GBTC shares are up more than 13% at $20.03.
August 29, 2023 | 4:51 pm
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Grayscale Bitcoin Trust's shares are trading higher after a court ruling favored its Bitcoin ETF application. The shares are up more than 13%.
The court ruling that the SEC was wrong to reject Grayscale's Bitcoin ETF application has created a positive sentiment around GBTC shares. This has led to an increase in the stock price. If the SEC approves the application upon review, it could further boost the stock price.
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