Why HIVE Digital Technologies Stock Is Higher Today
Portfolio Pulse from Erica Kollmann
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) shares are trading higher after the 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 from Grayscale to convert its Grayscale Bitcoin Trust (OTC:GBTC) into a spot Bitcoin ETF. Bitcoin is up more than 5% and HIVE shares are up over 17%.
August 29, 2023 | 4:52 pm
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POSITIVE IMPACT
Bitcoin is up more than 5% after the court ruling.
The court ruling is indirectly related to Bitcoin as the potential approval of the Bitcoin ETF could increase demand for the cryptocurrency, driving up its price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The court has ordered the SEC to review its rejection of the application from Grayscale to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
The court ruling is directly related to Grayscale Bitcoin Trust as it is the entity that applied for the Bitcoin ETF. The potential approval of the ETF could increase the value of the trust.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
HIVE shares are trading higher after the court ruling. The company's stock is up over 17%.
The court ruling is directly related to HIVE as it provides infrastructure solutions in the blockchain industry. The potential approval of the Bitcoin ETF could boost the company's business.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100