Bitcoin Boom Lifts Shares of Coinbase, MicroStrategy, and Grayscale Bitcoin Trust
Three stocks associated with digital assets are soaring amid a big jump in Bitcoin (BTC) and crypto markets. Coinbase (COIN), Microstrategy (MSTR), and Grayscale Bitcoin Trust (GBTC) shares are all up after BTC rose over 19% in the last week.
Coinbase: Shares of Coinbase, the largest US-based cryptocurrency exchange, are up 7.3%. Microstrategy: Shares of Microstrategy, the largest publicly traded corporate holder of BTC, are up 12.6% in the last 24 hours.
Grayscale Bitcoin Trust: Shares of Grayscale Bitcoin Trust (GBTC), which aims to track the price of Bitcoin, are up 5% in the last 24 hours. The rise in these stocks comes after a series of positive developments for the cryptocurrency industry. In August, Grayscale won a lawsuit against the US Securities and Exchange Commission (SEC) over the regulator’s refusal to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF). Yesterday, Grayscale’s victory was formally finalized by the courts.
Grayscale has also filed a new registration statement with the SEC in its bid for an ETF. The company submitted a Form S-3 registration statement to register shares of the Grayscale Bitcoin Trust under the Securities Act. Form S-3 is a simplified form for registering securities with the SEC and can only be used by companies. That have satisfied other reporting requirements. The filing is a shorter version of Form S-1 that is filed in anticipation of an initial public offering (IPO).
Clever Robot News Desk 25th October 2023
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