Grayscale’s Bitcoin Trust Jumps on Optimism Over ETF Court Fight

Grayscale Investments’s Bitcoin Trust rallied on optimism the company will win a court fight challenging the US Securities and Exchange Commission’s decision to reject its conversion into an exchange-traded fund.

The asset-manager — which has sought to convert its $14.1 billion Bitcoin Trust (ticker GBTC) into an ETF for several years — on Tuesday presented its case in federal appeals court in Washington. The issue revolves around whether ETFs backed directly by Bitcoin are any riskier than those already approved by the SEC that are linked to cryptocurrency futures contracts.

Traders seem to be marking up the odds ...