Grayscale’s US$2bil rally leads day of revelry across crypto space

Big win: Athena Bitcoin CEO Eric Gravengaard demonstrates the use of an ATM during a presentation in San Salvador, El Salvador. Grayscale’s legal victory in the federal court has ruffled the financial world and unleashed gains across the crypto space. — Reuters

NEW YORK: The defeat of efforts to block a bitcoin exchange-traded fund (ETF) unleashed gains across the crypto space, including a U$2bil rally in the fund at the centre of the controversy.

Grayscale Investments’ bitcoin trust, which is known by its ticker GBTC, notched a roughly 21% rally on Tuesday, helping it to meaningfully outpace gains seen by bitcoin itself, which rose nearly 7% to trade above US$27,700.