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 <p>Shares of cryptocurrency exchange Coinbase saw a dramatic late-day rally on Monday, closing up over 15% following positive news for the crypto industry. Coinbase stock hit $85.13 at market close, a jump of nearly 13% from its opening price. </p> 
 <p>The surge came after reports emerged that crypto asset manager Grayscale won a legal dispute with the Securities and Exchange Commission (SEC) over a proposed bitcoin exchange-traded fund (ETF). According to the latest data, Coinbase stock has plunged by 1.1% and stands at $83.71 at press time.</p> 
 <p><strong>Also read:&nbsp;Crypto Asset Manager Grayscale Wins Lawsuit Against the SEC</strong></p> 
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 <h2 class="wp-block-heading" id="h-grayscale-ceo-optimistic-about-bitcoin-etf-approval">Grayscale CEO optimistic about Bitcoin ETF approval</h2> 
 <p>On Monday, a federal judge ruled the SEC must re-evaluate its previous rejection of Grayscale’s application to convert its Bitcoin Trust into a spot Bitcoin ETF. The court decision was seen as a watershed moment in the yearslong battle for regulatory approval of crypto ETFs.</p> 
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 <p>In an interview after the ruling, Grayscale CEO Michael Sonnenshein expressed confidence that the SEC already has the necessary tools to greenlight a spot bitcoin product like GBTC. The positive outcome for Grayscale bolsters hopes that a Bitcoin ETF could become a reality soon.</p> 
 <p><strong>Also read: Grayscale Now Closer To a Spot Bitcoin ETF Launch: Report</strong></p> 
 <p>As the largest US-based cryptocurrency exchange, Coinbase stands to benefit significantly from broader institutional adoption of crypto assets. The SEC’s approval of a bitcoin ETF would likely spur major new investments into the crypto space from Wall Street firms and mainstream investors.</p> 
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  <li>COINBASE</li>
  <li>GrAYSCALE</li>
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/coinbase-stocks-rally-as-grayscale-scores-win-against-sec-tbt61008.html">https://thebittimes.com/coinbase-stocks-rally-as-grayscale-scores-win-against-sec-tbt61008.html</a></p>

Coinbase Stocks Rally As Grayscale Scores Win Against SEC

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TheBitTimes

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