Title: Bitcoin and Crypto Stocks Surge as U.S. Appeals Court Orders SEC to Review Grayscale’s Bitcoin ETF Application
Date: [Insert Date]
Bitcoin and several cryptocurrencies, along with related stocks such as Coinbase Global (COIN), Marathon Digital Holdings (MARA), Riot Platforms (RIOT), and Microstrategy (MSTR), experienced a significant surge on Monday night. This surge came as a result of a U.S. appeals court ordering the Securities and Exchange Commission (SEC) to review Grayscale’s application for a spot Bitcoin exchange-traded fund (ETF).
The appeals court’s decision follows its ruling in late August, which favored Grayscale. As the SEC did not appeal within 45 days, Monday’s expected decision was triggered. However, it is important to note that the SEC still reserves the right to reject Grayscale’s spot Bitcoin ETF application; however, it would need to provide a new justification for doing so.
Grayscale is not the only entity that has submitted a spot Bitcoin ETF application. Several others have also submitted similar applications.
The surge in Bitcoin and cryptocurrency prices was evident as the price of Bitcoin reached $35,000 on Monday night, displaying a 16% increase compared to 24 hours earlier. The ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures, also experienced a notable leap of 5.3% in late trade after surging 6.1% during Monday’s session. Additionally, Ethereum, another prominent cryptocurrency, traded above $1,750.
Coinbase, a leading cryptocurrency exchange, saw a 5.5% increase in late trading, while COIN stock rose 3.4% to 77.21 during Monday’s session.
Bitcoin mining stocks, including Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), experienced substantial surges, with both leaping roughly 9% in late trading after surging 12.8% and 9% respectively on Monday. Microstrategy, a significant Bitcoin buyer, gained 7%, adding to its 8.5% gain on Monday.
For the latest stock market updates and more, follow Ed Carson on Twitter at @IBD_ECarson, and check out his threads at @edcarson1971 and Bluesky at @edcarson.bsky.social.
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