Benzinga - Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Platforms Inc (NASDAQ: RIOT) and Coinbase Global, Inc. (NASDAQ: COIN) shares are all trading sharply higher during Tuesday's session. Shares of crypto-related stocks are trading higher following a report suggesting the U.S. federal appeals court ruled the SEC was wrong to reject Grayscale's spot bitcoin ETF application.
See Also: Bitcoin Gets New Life - Federal Appeals Court Rules SEC Was Wrong To Reject Application From Grayscale For Spot Bitcoin ETF
Why It Matters
The ruling that the SEC was wrong to reject Grayscale's spot bitcoin ETF application might be interpreted as a positive development for the cryptocurrency industry as a whole. This could lead to increased optimism among investors, especially those interested in companies operating in the crypto space, such as Marathon Digital, Riot Blockchain and Coinbase.
A favorable ruling in relation to a bitcoin ETF could suggest a growing acceptance of cryptocurrencies by regulatory bodies. This could result in renewed interest from institutional and retail investors in both cryptocurrencies and companies that are involved in their mining (Marathon Digital, Riot Blockchain) and trading (Coinbase).
Price Action
Marathon Digital focuses on mining digital assets. It owns crypto-currency mining machines and a data center to mine digital assets. The company operates in the digital currency blockchain segment.
Marathon Digital is trading higher by 17% at $12.44 per share.
Riot Platforms is focused on building, supporting and operating blockchain technologies.
Riot Platforms is trading higher by 14.3% at $11.99 per share.
Coinbase Global provides financial infrastructure and technology for the cryptoeconomy.
Coinbase is trading higher by 15.2% at $84.90 per share.
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