COIN

United

<div class="sg-post-des">
 In the final moments of the trading session on Tuesday, Aug.29, the value of COIN stood at $85.13 per share, a jump of 15% over the previous day's close. 
</div>
<div class="cointelegraph">
 Coinbase's <a rel="dofollow" title="stock" href="https://thebittimes.com/tag/stock.html">stock</a> experienced a significant <a rel="dofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> on Aug. 29 after reports emerged that a <a rel="dofollow" title="federal" href="https://thebittimes.com/tag/federal.html">federal</a> judge had ruled in <a rel="dofollow" title="favor" href="https://thebittimes.com/tag/favor.html">favor</a> 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 <a rel="dofollow" title="federal" href="https://thebittimes.com/tag/federal.html">federal</a> 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.
 <figure>
 <img src="https://cdn.thebittimes.com/images/2023/08/30/3a6ae3c736fc019206079b0b2cdd8c13.webp">
 <figcaption style="text-align: center;">
 Screenshot showing Coinbase stock price increase. Source: Coinbase
 </figcaption>
 </figure>
 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?
 <template data-name="subscription_form" data-type="crypto_biz"></template>
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/coinbase-stock-surges-after-favorable-federal-ruling-for-grayscale-tbt60940.html">https://thebittimes.com/coinbase-stock-surges-after-favorable-federal-ruling-for-grayscale-tbt60940.html</a>

Coinbase stock surges after favorable federal ruling for Grayscale

TheBitTimes

Other articles published on Aug 30, 2023

Popular PFP NFTs Show Sudden Increase in Sales Last Week

BitMEX Enters the Meme Token Craze: 33x Leverage on Shiba Inu Perpetual Contracts

Pepe Coin Investor Who Made $1.67 Million in Profit, Buys Again

Uzbekistan Gears Up for Crypto Mining Regulation Amid Talks with Global Exchanges

Ripple Moves Millions of XRP as Grayscale Scores Legal Victory

US court dismisses class action lawsuit against Uniswap

Join our free newsletter for daily crypto updates!