MicroStrategy Incorporated MSTR shares are surged higher Thursday, alongside several of crypto-related stocks, after a U.S. judge ruled that Ripple (XRP/USD) sales do not constitute an offer of investment contracts.
What To Know: The legal battle between Ripple and the SEC dates back to 2020 when the SEC filed a lawsuit against Ripple. The commission alleged that the company and two of its executives raised over $1.3 billion through an unregistered securities offering. Ripple argued that XRP is a digital asset, not a security.
In a partial approval of the summary judgment requests from both parties, Judge Analisa Torres stated, "In light of the reasons provided, the SEC's request for summary judgment is APPROVED with regard to the Institutional Sales, but is REJECTED in all other aspects."
"The defendants' request for summary judgment is APPROVED concerning the Programmatic Sales, the Other Distributions, and the sales by Larsen and Garlinghouse, but is REJECTED with regard to the Institutional Sales."
MicroStrategy Inc is a provider of enterprise analytics and mobility software.
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MSTR Price Action: Shares of MSTR were up 11.7% at $462.00 at the time of publication, according to Benzinga Pro.
Image by Petre Barlea from Pixabay
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