Coinbase (COIN) along with bitcoin (BTC) saw their prices surge briefly at the end of August as the U.S. Court of Appeals for Washington D.C. sided with the former in the ongoing Grayscale vs. SEC tussle over Grayscale’s proposal to convert the GBTC Trust (GBTC) accredited into a spot exchange-traded fund. COIN gained 15%, GBTC 19% and BTC 7.3% on the news. However, those gains have largely receded in this gloomy macro climate and continued resistance from the SEC to approve any spot bitcoin ETF.
Shortly after the Grayscale ruling, the SEC punted again on decisions regarding similar applications from the likes of BlackRock
BLK
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