Bitcoin price surpasses $27,500 after court ruling in Grayscale’s favour

Prices of the leading cryptocurrency rose by almost 6% in an hour to around $27,500 after the granting of Grayscale Investments’ motion in its case against the SEC.

At the time of writing, the price of the digital gold stood at around $27,300, according to CoinGecko. Over the past seven days the price has risen by about 5%.

In June, Grayscale, an asset manager, filed a lawsuit against the regulator for refusing to convert its flagship GBTC trust into a Bitcoin ETF. The company filed an application with the SEC to convert the investment product in October 2021.

The appellate court ordered the SEC to reconsider its decision.

The court ruling followed a series of petitions to the SEC by several major financial institutions such as BlackRock and Fidelity for registering spot-price-based Bitcoin ETFs. Bitcoin futures ETFs have been trading in the United States since 2021.

In July 2022, Grayscale’s head of the legal department, Craig Salm estimated the possible timeline for the SEC litigation at one to two years.