---
title: "The court clears the way for Bitcoin spot ETF, and Bitcoin surges $2,000 during trading, with concept stocks collectively rising by double digits."
description: "The US Court of Appeals has overturned the decision of the US Securities and Exchange Commission (SEC) to reject Grayscale's application for a Bitcoin spot ETF listing. The court believes that the SEC"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/96463542.md"
published_at: "2023-08-29T21:11:52.000Z"
---

# The court clears the way for Bitcoin spot ETF, and Bitcoin surges $2,000 during trading, with concept stocks collectively rising by double digits.

> The US Court of Appeals has overturned the decision of the US Securities and Exchange Commission (SEC) to reject Grayscale's application for a Bitcoin spot ETF listing. The court believes that the SEC's decision was arbitrary and failed to explain why similar Bitcoin futures ETFs were previously approved.

The recent ruling by a U.S. judge means that the long-awaited Bitcoin spot ETF in the cryptocurrency community is more likely to be launched, leading to a sharp rise in Bitcoin and related concept stocks.

On Tuesday, August 29th, Eastern Time, the U.S. Court of Appeals for the District of Columbia Circuit in Washington announced the joint ruling of three judges, overturning the U.S. Securities and Exchange Commission's (SEC) decision last year to reject the proposal, bringing digital asset management company Grayscale Investments LLC one step closer to launching a Bitcoin spot ETF.

Media comments suggest that if Grayscale's Bitcoin spot ETF is approved, it could be a watershed moment for the cryptocurrency industry, as it could attract billions of dollars in investment from ordinary investors.

In June of last year, the SEC rejected Grayscale's application to convert its Bitcoin trust, Grayscale Bitcoin Trust (GBTC), into a Bitcoin spot ETF. The SEC believed that Grayscale's plan to list the Bitcoin spot ETF on NYSE Arca, a subsidiary of the New York Stock Exchange, was insufficient to prevent fraud and market manipulation.

Shortly thereafter, Grayscale quickly filed an appeal against the SEC, accusing the SEC of discriminating against its products, as the SEC had previously approved similar Bitcoin futures ETFs.

On Tuesday, the appeals court stated that Grayscale had presented substantial evidence that its product was similar to the previously approved Bitcoin futures ETF by the SEC. The underlying assets of the two products are closely related, and Grayscale's supervisory sharing agreement is "identical" to that of the Chicago Mercantile Exchange (CME), which launched the Bitcoin futures ETF.

One of the judges involved in the ruling, Neomi Rao, stated that the SEC's rejection of Grayscale's application was "arbitrary and capricious," and the SEC failed to explain why similar products were treated differently.

Grayscale subsequently stated that the appeals court's ruling was a "milestone step forward for U.S. investors."

Currently, the SEC can still challenge Tuesday's appeals court ruling by requesting a review by all judges of the appeals court or by the U.S. Supreme Court. Within the next 45 days, the SEC can request that all judges of the appeals court reconsider Tuesday's ruling. If the appeals court refuses to hear the case, the SEC will have 90 days to request a review by the Supreme Court.

Following the announcement of the appeals court's ruling, Bitcoin, Grayscale's Bitcoin trust GBTC, and several other cryptocurrency concept stocks surged during Tuesday's trading session.

During the early trading session of the U.S. stock market, the spot price of Bitcoin quickly jumped from just below $26,000 to above $27,000, and at one point during the midday session, it surpassed $28,100, reaching a new intraday high since August 17th, with an increase of over $2,200 and nearly 9% compared to the intraday low during European trading. ![Image](https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9c8b7cff-0a03-4409-853b-4f42cbff15e2.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

The trading price of GBTC surged from below $18 to above $20, with an intraday increase of over 20%, starting from less than 1%.

Among the concept stocks, Marathon Digital (MARA) once rose more than 30%, Coinbase (COIN), the largest cryptocurrency exchange and the first listed cryptocurrency exchange, rose 17%, Cipher Mining (CIFR), Hut 8 Mining (HUT), Riot Platforms (RIOT), Bitfarms (BITF), Stronghold Digital (SDIG), Hive Digital (HIVE), and Bit Digital (BTBT) all rose more than 10% during the trading session.

There was also good news in the cryptocurrency circle on Tuesday. Social media X, formerly known as Twitter, obtained a "Rhode Island Coin Transfer License" in the United States. This license allows the holder to control and trade virtual currencies on behalf of others. Such licenses are usually granted to companies that provide cryptocurrency-related services, such as cryptocurrency exchanges, wallets, and payment processors. Obtaining the license means that more than 400 million users may directly engage in cryptocurrency transactions. This will greatly promote the application of cryptocurrencies.

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 特朗普支持的 American Bitcoin 在精英企业加密货币圈中获得一席之地 | 美国比特币公司（American Bitcoin Corp）由埃里克·特朗普（Eric Trump）支持，已积累了 6,039 个比特币，使其在全球企业比特币国库中排名前 20。尽管通过挖矿和购买迅速积累了比特币，该公司的股票自纳斯达克上市 | [Link](https://longbridge.com/en/news/276360652.md) |
| ShinyHunters 要求 150 万美元以避免泄露拉斯维加斯赌场和度假村连锁的数据 | 永利度假正面临来自网络犯罪团伙 ShinyHunters 的勒索，该团伙声称已盗取超过 80 万名员工的记录，包括社会安全号码。该团伙要求支付 150 万美元的比特币，威胁如果不满足他们的要求，将在 2 月 23 日之前泄露数据。Shiny | [Link](https://longbridge.com/en/news/276474683.md) |
| 在符文网络活动增加的背景下，C2 区块链将其 DOG（比特币）库存扩大至 6.807 亿枚代币 | C2 Blockchain Inc. 已将其 DOG（比特币）持有量增加至 6.807 亿个代币，反映出 1% 的增长。该公司强调其数字资产财库战略，专注于对比特币原生资产的严格评估。最近的分析显示，Runes 协议交易占比特币网络活动的  | [Link](https://longbridge.com/en/news/276444099.md) |
| BTC 财政主管呼吁对巴塞尔 III 中 1250% 的风险权重进行改革 | 加密货币财务主管正在敦促巴塞尔银行监管委员会修订巴塞尔协议 III 中对比特币的 1250% 风险权重。这一高资本要求使得持有比特币的成本高于其他资产，从而抑制了银行对加密货币的投资。主管们认为，现行规则错误定价风险，并阻碍美国成为领先的加 | [Link](https://longbridge.com/en/news/276467844.md) |
| 比特币的大规模转移：价值 82 亿美元的比特币涌入币安，零售市场动能减弱 | 比特币面临卖压，难以重新夺回 69,000 美元的水平，鲸鱼活动主导了市场。在过去 30 天中，鲸鱼持有的比特币流入币安达 82.4 亿美元，表明大型持有者正在进行战略性重新配置。零售资金流入已平稳在 119.1 亿美元，暗示小型交易者的动 | [Link](https://longbridge.com/en/news/276477614.md) |

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.