{"id":28967,"date":"2023-08-31T01:52:41","date_gmt":"2023-08-31T05:52:41","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28967"},"modified":"2023-08-31T01:52:41","modified_gmt":"2023-08-31T05:52:41","slug":"coinbase-coin-and-bitcoin-related-stocks-soar-following-grayscales-victory","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/31\/coinbase-coin-and-bitcoin-related-stocks-soar-following-grayscales-victory\/","title":{"rendered":"Coinbase (COIN) And Bitcoin-Related Stocks Soar Following Grayscale\u2019s Victory"},"content":{"rendered":"

Coinbase and other crypto-related companies witnessed a significant rise in stock prices following reports that Grayscale has emerged victorious<\/a> in its lawsuit against the United States Securities and Exchange Commission (SEC).<\/p>\n

On Tuesday, August 29, the US District of Columbia Court of Appeals ruled that the SEC did not provide a \u201cconsistent justification\u201d for rejecting Grayscale\u2019s request to convert its Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This decision brings the asset management firm closer to offering a spot Bitcoin ETF in the US.<\/p>\n

The price of Bitcoin reacted positively to this development, breaking above and beyond the $26,000 mark. According to CoinGecko data<\/a>, the premier cryptocurrency is currently valued at $27,136, reflecting a 3.8% price gain in the past week.<\/p>\n

Coinbase (COIN) Rally 15% After Grayscale\u2019s Win<\/h2>\n

The value of Coinbase\u2019s stock COIN stood at $84.70 by the close of the trading session on Tuesday, representing a 15.2% increase from the day\u2019s opening price.\u00a0<\/p>\n

The crypto company\u2019s stock surged by nearly $13 per share, climbing from $73.5 per share to almost $86 during the day, according to Coinbase\u2019s stock information<\/a>. Coinbase, the largest cryptocurrency exchange in the United States, became publicly listed on Nasdaq in 2021.<\/p>\n

This price jump is believed to have been triggered by the success of Grayscale\u2019s appeal against the United States SEC, as mentioned above. While the court\u2019s decision doesn\u2019t automatically convert the asset manager\u2019s Bitcoin Trust to a spot ETF, it is still perceived as a significant milestone in launching the financial product in the North American country. <\/p>\n

If spot Bitcoin ETFs receive approval from the Securities and Exchange Commission, Coinbase could become one of the biggest winners due to its surveillance-sharing agreements<\/a> with some applicants, including the world\u2019s largest asset manager, Blackrock. <\/p>\n

These arrangements aim to mitigate potential market manipulation risks \u2013 a concern raised by the SEC after the initial Bitcoin ETF submissions.<\/p>\n

Marathon and Riot Witness Surge In Stocks Price<\/h2>\n

Coinbase was not the only cryptocurrency company that enjoyed the ripple effect of Grayscale\u2019s legal triumph. Bitcoin mining companies, like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also felt a positive impact on their stock prices.<\/p>\n

Favorable judgments, such as the latest Grayscale victory, often boost the interest and optimism of investors in the cryptocurrency industry and crypto-related products. As a result, companies operating in the cryptocurrency space, including Bitcoin mining firms, are likely to receive increased attention from investors.<\/p>\n

According to TradingView, the value of MARA<\/a> soared by about 30% on Tuesday, closing at $13.69 per share by the end of the day\u2019s trading session. Likewise, the RIOT<\/a> price experienced an 18.2% rally, climbing from $10.39 per share to almost $12.3 at the end of the day.<\/p>\n

As of this writing, the Marathon Digital Holdings stock is trading at $12.94 per share, reflecting a 5.2% decrease since the opening of Wednesday\u2019s (30th of August) trading session. Meanwhile, Riot Platforms\u2019 stock has currently declined by 4% to trade at $11.8 per share.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Coinbase and other crypto-related companies witnessed a significant rise in stock prices following reports that Grayscale has emerged victorious<\/a> in its lawsuit against the United States Securities and Exchange Commission (SEC).<\/p>\n

On Tuesday, August 29, the US District of Columbia Court of Appeals ruled that the SEC did not provide a \u201cconsistent justification\u201d for rejecting Grayscale\u2019s request to convert its Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). This decision brings the asset management firm closer to offering a spot Bitcoin ETF in the US.<\/p>\n

The price of Bitcoin reacted positively to this development, breaking above and beyond the $26,000 mark. According to CoinGecko data<\/a>, the premier cryptocurrency is currently valued at $27,136, reflecting a 3.8% price gain in the past week.<\/p>\n

Coinbase (COIN) Rally 15% After Grayscale\u2019s Win<\/h2>\n

The value of Coinbase\u2019s stock COIN stood at $84.70 by the close of the trading session on Tuesday, representing a 15.2% increase from the day\u2019s opening price.\u00a0<\/p>\n

The crypto company\u2019s stock surged by nearly $13 per share, climbing from $73.5 per share to almost $86 during the day, according to Coinbase\u2019s stock information<\/a>. Coinbase, the largest cryptocurrency exchange in the United States, became publicly listed on Nasdaq in 2021.<\/p>\n

This price jump is believed to have been triggered by the success of Grayscale\u2019s appeal against the United States SEC, as mentioned above. While the court\u2019s decision doesn\u2019t automatically convert the asset manager\u2019s Bitcoin Trust to a spot ETF, it is still perceived as a significant milestone in launching the financial product in the North American country. <\/p>\n

If spot Bitcoin ETFs receive approval from the Securities and Exchange Commission, Coinbase could become one of the biggest winners due to its surveillance-sharing agreements<\/a> with some applicants, including the world\u2019s largest asset manager, Blackrock. <\/p>\n

These arrangements aim to mitigate potential market manipulation risks \u2013 a concern raised by the SEC after the initial Bitcoin ETF submissions.<\/p>\n

Marathon and Riot Witness Surge In Stocks Price<\/h2>\n

Coinbase was not the only cryptocurrency company that enjoyed the ripple effect of Grayscale\u2019s legal triumph. Bitcoin mining companies, like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also felt a positive impact on their stock prices.<\/p>\n

Favorable judgments, such as the latest Grayscale victory, often boost the interest and optimism of investors in the cryptocurrency industry and crypto-related products. As a result, companies operating in the cryptocurrency space, including Bitcoin mining firms, are likely to receive increased attention from investors.<\/p>\n

According to TradingView, the value of MARA<\/a> soared by about 30% on Tuesday, closing at $13.69 per share by the end of the day\u2019s trading session. Likewise, the RIOT<\/a> price experienced an 18.2% rally, climbing from $10.39 per share to almost $12.3 at the end of the day.<\/p>\n

As of this writing, the Marathon Digital Holdings stock is trading at $12.94 per share, reflecting a 5.2% decrease since the opening of Wednesday\u2019s (30th of August) trading session. Meanwhile, Riot Platforms\u2019 stock has currently declined by 4% to trade at $11.8 per share.<\/p>\n

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