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Both Coinbase Global and MicroStrategy seemed like stock-market winners after a pro-crypto court ruling sent their shares soaring higher—but the picture is more complicated. What is good for MicroStrategy may not be good for Coinbase.
A federal court ruled on Tuesday that the Securities and Exchange Commission acted arbitrarily by denying crypto asset manager Grayscale’s attempts to convert a popular trust holding Bitcoin into an exchange-traded fund that would track the spot price of the currency.
The…
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