Categories: Crypto

Bitcoin soars above $27,400 amid court ruling in Grayscale v. SEC case

A federal court has ruled that the US Securities and Exchange Commission (SEC) must reconsider Grayscale Investments' application to convert its GBTC trust into a spot Bitcoin ETF.

“The District Court of Columbia ruled in favor of Grayscale challenging the SEC's refusal to convert GBTC into an ETF. Thanks to everyone who was with us on this journey, especially investors. We are grateful for your support and encouragement. Next, our legal team will carefully study the court’s conclusion,” Grayscale CEO Michael Sonnenstein commented on the situation.

The essence of the situation

Grayscale Investments applied to convert its GBTC fund into an ETF in October 2021, but was denied. In June 2022, the company announced that it intended to sue the SEC.

Against this background, GBTC collapsed into the discount zone. In September 2022 it was 35%, in October - more than 36%.

The commission later commented on its refusal. She gave a vague explanation, calling Grayscale Investments' claims unfounded.

In July 2023, after several large companies filed applications to register spot Bitcoin ETFs, the firm asked the SEC to simultaneously approve them.

Market reaction

Against the backdrop of the court decision, Bitcoin surpassed $27,400, according to TradingView. Before this, the asset was trading below $26,000:

All assets from the top 10 by capitalization moved into the “green” zone, according to CryptoRank:

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