Bitcoin, Crypto Stocks Jump After US Court Paves Way For ETF

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A Bitcoin automated teller machine (ATM) at a bar in Washington, D.C., U.S., on Monday, Feb. 28, 2022. Cryptocurrencies appear to be kicking off the week with a more positive outlook than U.S. stocks, just as some strategists are predicting the recent high correlation between the two may begin to ease. Photographer: Sarah Silbiger/Bloomberg

(Bloomberg) -- Bitcoin jumped and shares of crypto-related companies surged after after a US court overturned a decision by the Securities and Exchange Commission to block an ETF that invests directly in the cryptocurrency. 

Grayscale Investments LLC got a green light from a federal court to launch the first Bitcoin exchange-traded fund in the US, a watershed moment in the cryptocurrency industry's quest to tap billions of dollars from everyday investors.

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Shares of the Grayscale Bitcoin Trust jumped around 19%. Coinbase, the largest US crypto exchange, increased 14%.

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