Grayscale's court victory against the SEC may be good for bitcoin, but some on Wall Street are concerned the ruling doesn't offer as much hope for Coinbase.
Bitcoin undoubtedly stands to benefit from Grayscale's court victory against the SEC, but some on Wall Street are concerned the ruling doesn't offer as much hope for Coinbase . On Tuesday the U.S. Court of Appeals for the D.C. Circuit ruled that the Securities and Exchange Commission was wrong to deny crypto investment giant Grayscale permission to convert its popular bitcoin trust, known by its ticker GBTC, into an ETF. Many see the news as a strong signal that a U.S.
mountain Coinbase shares year-to-date performance. Mizuho said although the ruling gets the market one step closer to seeing a bitcoin ETF launch, that would "further commoditize bitcoin trading in the U.S." "Nearly 40% of COIN's transaction revenue emanates from bitcoin trading," Mizuho's Dan Dolev said. "We believe a bitcoin ETF could increase competition and put pricing pressure on retail take rates.
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