The ruling, by a three-judge panel, marks a major legal win for the crypto industry and sent the price of bitcoin surging. The decision could still be appealed.
Grayscale Investments LLC moved closer to launching a spot-based bitcoin exchange-traded fund in the US, a potential watershed moment in the cryptocurrency industry’s quest to tap billions of dollars from everyday investors.
Grayscale has said converting to an ETF would help it unlock about $US5.7 billion in value from the $US16.2 billion trust by making it easier to create and redeem shares. More broadly, the crypto industry has long viewed the launch of an ETF based on the cryptocurrency itself, rather than futures, as significant milestone.
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