The U.S. Securities and Exchange Commission should have approved an application from Grayscale Investments to create a spot bitcoin exchange-traded fund, a federal appeals court ruled on Tuesday, in a landmark victory for the asset manager that could pave the way for the first product of its kind.
The price of bitcoin, the world's largest cryptocurrency, was last up 5.75 per cent at $27,609 following the decision. In a statement, a Grayscale spokeswoman said the decision"is a monumental step forward for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper."
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