Why Grayscale Bitcoin Trust Stock Is Higher Today

Grayscale Bitcoin Trust GBTC shares are trading higher Tuesday after the US federal appeals court ruled the SEC was wrong to reject Grayscale Investments' spot Bitcoin BTC ETF application.

The Details:

A federal court has ordered the Securities and Exchange Commission (SEC) to review its rejection of the application from Grayscale Investments to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.

Grayscale Investments initially applied for the ETF conversion in October 2021, and the SEC rejected the application on June 29, 2022.

GBTC Price Action: According to Benzinga Pro, shares of GBTC are up more than 13% at $20.03 at the time of publication.

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Image: xresch from Pixabay

GBTCGrayscale Bitcoin Trust (BTC) Common Units of fractional undivided beneficial interest

$65.54-0.24%