The world’s biggest bitcoin fund posts best day in two years on court ruling

Shares of the Grayscale Bitcoin Trust surged 17% after a US court ruling opened the possibility for the trust to convert into an exchange-traded fund (ETF). The trust currently has a closed-end structure, but becoming an ETF would allow shares to be created and redeemed in line with the underlying token holdings. Grayscale Investments, BlackRock, and Fidelity Investments are among several fund managers seeking permission to launch the first US spot Bitcoin ETFs.