Bitcoin and several cryptocurrencies and related stocks such as Coinbase Global (COIN), Marathon Digital Holdings (MARA), Riot Platforms (RIOT) and Microstrategy (MSTR) continued to surge Monday night. after a U.S. appeals court ordered the Securities and Exchange Commission to review Grayscale’s application for a spot Bitcoin ETF.
The Monday order follows the appeals court’s late August ruling siding with Grayscale. The SEC did not appeal within 45 days, triggering Monday’s expected decision.
The SEC could still reject Grayscale’s spot Bitcoin ETF application, but would need to find a new justification.
Several others have submitted spot Bitcoin ETF applications as well.
The Bitcoin price jumped to $35,000 Monday night, up 16% vs. 24 hours earlier. The ProShares Bitcoin Strategy ETFBITO, which tracks Bitcoin futures, leapt 5.3% in late trade after surging 6.1% in Monday’s session. Ethereum, another big cryptocurrency, traded above $1,750.
Cryptocurrency exchange Coinbase popped 5.5% in late trading. COIN stock rose 3.4% to 77.21 in Monday’s session.
Among Bitcoin miners, MARA stock and RIOT stock leapt roughly 9% late after surging 12.8% and 9%, respectively, Monday. Bitcoin buyer Microstrategy gained 7%, adding to Monday’s 8.5% gain.
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