HomeÚltimas NoticiasNoticias De bitcoinCoinbase stock surges after favorable federal ruling for Grayscale

Coinbase stock surges after favorable federal ruling for Grayscale


Coinbase’s stock experienced a significant surge on Aug. 29 after reports emerged that a federal judge had ruled in favor of Grayscale in their SEC legal dispute.

In the final moments of the trading session on Tuesday, Aug.29, the value of COIN stood at $85.13 per share, marking an increase of over 15% over the previous day’s close. Coinbase, the largest cryptocurrency exchange in the United States, has been publicly listed on the Nasdaq since 2021.

On Aug. 29, a federal court ruled that the U.S. Securities and Exchange Commission did not provide a consistent justification for rejecting Grayscale’s request to transform its Bitcoin Trust into a traditional Bitcoin ETF.

Screenshot showing Coinbase stock price increase. Source: Coinbase

The verdict, perceived as a victory for the cryptocurrency sector by investors, fuelled hopes of the potential arrival of a Bitcoin ETF in the financial landscape. Among the candidates aiming to introduce a Bitcoin ETF, Coinbase has been chosen as the potential custodian and partner for sharing surveillance data.

Consequently, the company from San Francisco would engage in the sharing of data related to trading, clearing operations and customer identification. This collaborative effort aims to mitigate market manipulation risks and ensure the secure storage of the Bitcoin supporting the fund’s shares.

A Bitcoin spot ETF remains absent in the U.S. due to the SEC’s hesitancy in granting approval. At present, only cryptocurrency ETFs linked to futures contracts, enabling investors to speculate on future digital asset prices, are accessible within the country.

Related: SEC’s first deadlines to approve 7 Bitcoin ETFs coming over the next week

Nevertheless, investors are seeking an investment instrument that provides direct exposure to Bitcoin. BlackRock, the world’s largest asset manager, joined numerous prominent applicants in June, vying for SEC approval. CEO Larry Fink noted strong demand from clients for cryptocurrency exposure.

As of the time of writing, Bitcoin was priced at $27,982 per coin, marking a more than 7% increase in the past 24 hours, according to Coinmarketcap data. Despite this, the largest cryptocurrency by market capitalization remains significantly lower, nearly 60%, compared to its November 2021 peak of $69,044.

Magazine: Deposit risk: What do crypto exchanges really do with your money?


Reciba noticias de Vimilin desde Google news


Please enter your comment!
Please enter your name here


BTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25K

Bitcoin (BTC) consolidated higher on Sept. 15 as analysis described recent BTC price behavior as “textbook.”Collect this article as an NFT to preserve this moment...

Magic Eden integrates Solana’s compressed NFTs into marketplace

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning...

House Democrats back Biden candidacy as calls for president to drop out intensify on the left

FIRST ON FOX: House Democrats appear to be behind another Biden-Harris ticket, even as President Biden is being discouraged against running by some on the...

3 Standout Stocks to Buy as Worse-Than-Expected CPI Numbers Revive Inflation Fears

The August CPI report showed headline annual inflation rising 3.7% compared to the 3.2% reading seen in July and a 3.0% increase in June. As inflation...

Más popular