The decision in favor of Grayscale’s case against the SEC had a positive impact on many industry players.
After Grayscale’s news of the lawsuit, the shares of the US-based crypto money exchange Coinbase rose. Shares of the stock market rose approximately 14 percent.
Coinbase shares rise close to 14% after SEC loses lawsuit
Coinbase shares surged 14% amid market enthusiasm, driven by Grayscale’s victory over the SEC.
Shares of Coinbase rose from around $73 to almost $86 on Tuesday following news of Grayscale Investments’ winning lawsuit against the Securities and Exchange Commission over a bid to set up a spot Bitcoin exchange-traded fund. That’s an increase of almost $13 per share.
This rise marks Coinbase even closer to launching a potential spot Bitcoin ETF. Coinbase also has deals that could benefit if the funds are eventually approved.
This surge of Coinbase shares comes as a result of Grayscale winning the SEC lawsuit and being seen as a positive development for the Bitcoin ETF.
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