The price of Bitcoin increased by more than 5% after the US Court of Appeals for the DC Circuit ruled in favor of Grayscale's petition to launch a Bitcoin Spot exchange-traded fund (ETF). This decision might usher in the first Bitcoin ETF in the United States, which investors anxiously anticipate.
The SEC previously denied Grayscale's application to convert its Bitcoin Trust into a Bitcoin Spot ETF due to market manipulation concerns. Despite these reservations, investor interest in a Bitcoin ETF remains strong, with Grayscale's recent court victory providing renewed hope.
A Bitcoin ETF would provide traditional investors with a safe way to get exposure to Bitcoin. They could watch Bitcoin's price through ETF shares without dealing with the complications of storing and preserving cryptocurrency.