On August 29, Coinbase shares jumped 13.9%. The catalyst was Grayscale Investments’ satisfaction of a petition to convert the Bitcoin Trust launched by the company into an ETF, despite the position of the SEC.
Since the start of the year, the exchange’s market capitalization has risen by 139.33%.
Against the backdrop of the court verdict, the price of the first cryptocurrency rose to $27,500, adding almost 6% in an hour.
The decision increases the likelihood of approvals for applications to launch similar products, in which Coinbase is listed as a partner in joint surveillance agreements.
The mechanism designed to curb market manipulation became a key addition to BlackRock‘s proposal, which also sought the platform’s assistance.
So far, the SEC has not granted any approvals for launching spot Bitcoin ETFs. The Commission has made an exception for similar futures-based products on the first cryptocurrency from ProShares and Valkyrie Investments.
However, Bernstein analysts and former chair of the SEC Jay Clayton assessed the prospects of a new wave of contenders as high.
As noted, ARK Invest head Kathy Wood and Matrixport analysts predicted a positive ruling across several filings.