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The Ratings Game: Coinbase’s stock basks in crypto rally after favorable ruling for bitcoin ETF

Coinbase Global Inc. shares were surging in Tuesday trading after a federal appeals court delivered a favorable ruling related to a bitcoin exchange-traded fund.

A Washington, D.C., Circuit Court of Appeals judge said Tuesday that the Securities and Exchange Commission was wrong to turn down Grayscale Investments’ application for a spot bitcoin ETF, calling the SEC’s decision “arbitrary and capricious.”


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