We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Grayscale Decision is a Landmark Win for Crypto (4 Winners)
Read MoreHide Full Article
Tuesday, crypto assets exploded to the upside after the US Court of Appeals for the DC Circuit issued its opinion in Grayscale Investments vs. SEC, ruling the agency was unreasonable to deny the crypto behemoth permission to launch a Bitcoin ETF.
Image Source: TradingView
Founded in 2013, Grayscale is a pioneer in providing the public access to crypto assets through untraditional means. The company is best known for its Grayscale Bitcoin Trust ((GBTC - Free Report) ) –the first publicly traded Bitcoin trust in the United States.
For a long time, GBTC has been fighting with the Securities and Exchange Commission (SEC) to convert from a trust into a Bitcoin ETF. A Bitcoin ETF holds distinct advantages, including:
· Accessibility: ETFs trade on well-known securities exchanges like the Nasdaq, offering a broader range of investors the opportunity to gain exposure to Bitcoin.
· Regulatory Transparency and Protection: Because ETFs are regulated more than trusts, it can allow investors to feel more at ease.
· Liquidity: ETFs can be bought and sold throughout the day and allow the shares to trade at or near its holdings’ Net Asset Value (NAV).
Now that we understand the advantages of a Bitcoin ETF, let’s discuss the biggest winners.
Bitcoin ETF Applicants: Though Grayscale is an obvious winner, the landmark court decision likely paves the way for other Bitcoin applicants like Fidelity, BlackRock ((BLK - Free Report) ), and ARK to market.
Coinbase ((COIN - Free Report) ): No other company stands to benefit as much as US crypto exchange giant Coinbase. Coinbase is listed as the custodian exchange in nearly every Bitcoin ETF application. Coin shares jumped 15% on Tuesday’s news and regained the 50-day moving average on massive volume.
Image Source: TradingView
Commercial Bitcoin Miners: Publicly traded Bitcoin miners like Marathon Digital ((MARA - Free Report) ) and Bitfarms ((BITF - Free Report) ) saw some of the strongest accumulation on Tuesday.Further Bitcoin adoption means that any Bitcoin rewards from Bitcoin mining for validation by these companies are worth more.
Proxies: Software company MicroStrategy ((MSTR - Free Report) ) famously adopted the “Bitcoin Standard” years ago. In other words, any money the company makes from its software business floats on a Bitcoin “Sail.” MSTR currently holds billions in Bitcoin.
Image Source: MicroStrategy
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Grayscale Decision is a Landmark Win for Crypto (4 Winners)
Tuesday, crypto assets exploded to the upside after the US Court of Appeals for the DC Circuit issued its opinion in Grayscale Investments vs. SEC, ruling the agency was unreasonable to deny the crypto behemoth permission to launch a Bitcoin ETF.
Image Source: TradingView
Founded in 2013, Grayscale is a pioneer in providing the public access to crypto assets through untraditional means. The company is best known for its Grayscale Bitcoin Trust ((GBTC - Free Report) ) –the first publicly traded Bitcoin trust in the United States.
For a long time, GBTC has been fighting with the Securities and Exchange Commission (SEC) to convert from a trust into a Bitcoin ETF. A Bitcoin ETF holds distinct advantages, including:
· Accessibility: ETFs trade on well-known securities exchanges like the Nasdaq, offering a broader range of investors the opportunity to gain exposure to Bitcoin.
· Regulatory Transparency and Protection: Because ETFs are regulated more than trusts, it can allow investors to feel more at ease.
· Liquidity: ETFs can be bought and sold throughout the day and allow the shares to trade at or near its holdings’ Net Asset Value (NAV).
Now that we understand the advantages of a Bitcoin ETF, let’s discuss the biggest winners.
Bitcoin ETF Applicants: Though Grayscale is an obvious winner, the landmark court decision likely paves the way for other Bitcoin applicants like Fidelity, BlackRock ((BLK - Free Report) ), and ARK to market.
Coinbase ((COIN - Free Report) ): No other company stands to benefit as much as US crypto exchange giant Coinbase. Coinbase is listed as the custodian exchange in nearly every Bitcoin ETF application. Coin shares jumped 15% on Tuesday’s news and regained the 50-day moving average on massive volume.
Image Source: TradingView
Commercial Bitcoin Miners: Publicly traded Bitcoin miners like Marathon Digital ((MARA - Free Report) ) and Bitfarms ((BITF - Free Report) ) saw some of the strongest accumulation on Tuesday.Further Bitcoin adoption means that any Bitcoin rewards from Bitcoin mining for validation by these companies are worth more.
Proxies: Software company MicroStrategy ((MSTR - Free Report) ) famously adopted the “Bitcoin Standard” years ago. In other words, any money the company makes from its software business floats on a Bitcoin “Sail.” MSTR currently holds billions in Bitcoin.
Image Source: MicroStrategy