Coinbase’s stock today soared following news that a federal judge had sided with Grayscale in its SEC lawsuit. 

Just before markets closed on Tuesday, the price of COIN is trading for $85.13 per share—up more than 15% in the past day. America’s largest digital asset exchange Coinbase has been a publicly traded company on the Nasdaq since 2021. 

A federal court said Tuesday that the U.S. Securities and Exchange Commission  lacked a coherent explanation for denying Grayscale’s application to convert its Bitcoin Trust into a spot Bitcoin ETF.

The ruling, which investors have interpreted as a win for the cryptocurrency industry, means that a Bitcoin ETF could soon be available on Wall Street.

Coinbase has been selected by some applicants wanting to launch a Bitcoin ETF as the would-be fund’s custodian and surveillance-sharing partner.

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Author: Mathew Di Salvo

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