The U.S. Court of Appeals for the D.C. Circuit issued Bitcoin immediately soared after the the ruling, climbing over 5% in just minutes, as did the price of several other major cryptocurrencies, including Ethereum.
The ruling has big implications for crypto markets since, while retail consumers and hedge funds have invested in Bitcoin for more than a decade, pension funds and other big players have largely stayed on the sidelines. This is in part because corporate bylaws restrict what they may invest in on behalf of their clients. The introduction of a Bitcoin packaged in the familiar financial wrapper of an ETF is widely expected to wipe away such legal and reputational concerns and lead to a massive liquidity boost.
