As Bitcoin continues to soar in popularity and value, the recent SEC order to review Grayscale Spot Bitcoin ETF application marks a significant milestone in the mainstream acceptance of cryptocurrencies, fueling further excitement and investment opportunities in the cryptocurrency market.
Bitcoin and several cryptocurrencies, as well as related stocks such as Coinbase Global (COIN), Marathon Digital Holdings (MARA), Riot Platforms (RIOT), and Microstrategy (MSTR), experienced a surge in value on Monday night. This surge came after a U.S. appeals court ordered the Securities and Exchange Commission (SEC) to review Grayscale’s application for a spot Bitcoin ETF.
The appeals court’s decision followed a ruling in late August that favored Grayscale. The SEC did not appeal within the designated 45-day period, leading to the expected decision on Monday.
While the SEC still has the option to reject Grayscale’s spot Bitcoin ETF application, it would need to provide a new justification for doing so. Other entities have also submitted spot Bitcoin ETF applications.
During Monday night’s surge, the price of Bitcoin reached $33,000, marking a 10% increase compared to 24 hours earlier. The ProShares Bitcoin Strategy ETFBITO, which tracks Bitcoin futures, also experienced significant gains, rising 5.3% in late trading after a 6.1% surge during Monday’s session. Ethereum, another prominent cryptocurrency, traded above $1,750.
Cryptocurrency exchange Coinbase saw a 5.5% increase in late trading, while COIN stock rose 3.4% to $77.21 during Monday’s session.
Bitcoin miners Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) also experienced substantial gains. Both stocks jumped roughly 9% in late trading, following respective increases of 12.8% and 9% on Monday. Microstrategy, a buyer of Bitcoin, gained 7% on top of Monday’s 8.5% gain.
For stock market updates and more, you can follow Ed Carson on Twitter at @IBD_ECarson, Threads at @edcarson1971, and Bluesky at @edcarson.bsky.social.
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