On Tuesday, a three-judge panel for the U.S. Court of Appeals for the D.C. Circuit raised doubts over a decision by the Securities and Exchange Commission to deny a Bitcoin spot exchange-traded fund, or ETF.
Shortly after the hearing, which turned on a complaint by the crypto company Grayscale, shares of the company's GBTC shares—which are backed by Bitcoin—surged more than 10% on a day when the broader market is down. By midday ET, GBTC shares fell slightly from their earlier high, trading around $12.50.
