What's Going On With Bitcoin- And Ethereum-Related Stock Coinbase?

Coinbase Global, Inc. COIN shares are trading marginally higher during Wednesday's session, following Tuesday's strength. Shares of several crypto-related stocks have gained this week following a Tuesday report suggesting the U.S. federal appeals court ruled the SEC was wrong to reject Grayscale's spot bitcoin ETF application.

See Also: Grayscale Bitcoin Trust Rockets Higher: Is Crypto Winter Over?

Why It Matters

The ruling that the SEC was wrong to reject Grayscale's spot bitcoin ETF application might be interpreted as a positive development for the cryptocurrency industry as a whole. This could lead to increased optimism among investors, especially those interested in companies operating in the crypto space.

See Also: Bitcoin Gets New Life - Federal Appeals Court Rules SEC Was Wrong To Reject Application From Grayscale For Spot Bitcoin ETF

A favorable ruling in relation to a bitcoin ETF could suggest a growing acceptance of cryptocurrencies by regulatory bodies. This could result in renewed interest from institutional and retail investors in both cryptocurrencies and companies that are involved in their trading, like Coinbase.

Price Action

Coinbase Global provides financial infrastructure and technology for the cryptoeconomy.

Coinbase is trading higher by 1% at $85.51 per share.

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