MicroStrategy Incorporated MSTR shares are trading higher Tuesday after the U.S. Court of Appeals ruled the SEC was wrong to reject Grayscale Investments' spot Bitcoin BTC/USD ETF application.
The Details:
Shares of MIcroStrategy are up after a federal court has ordered the Securities and Exchange Commission (SEC) to review its rejection of the application from Grayscale Investments to convert its Grayscale Bitcoin Trust GBTC into a spot Bitcoin ETF.
Bitcoin is trading up more than 5% and has broken the key level of $27,000 after news of the court's decision was released.
Michael Saylor's MicroStrategy, the largest institutional holder of Bitcoin, owns 152,800 BTC, acquired for an average price of $29,672, representing a $4.53 billion investment.
Microstrategy shares are moving higher on above-average trading volume. According to Benzinga Pro, more than 981 thousand shares have been traded in the session, compared to the stock's 100-day average of 817.5 thousand shares.
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MSTR Price Action: According to Benzinga Pro, MicroStrategy shares are up more than 11% at $383.25 at the time of publication.
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