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A federal appeals court sided with an asset manager that hopes to launch the first bitcoin exchange-traded fund, a major victory for the cryptocurrency industry.

(Bloomberg) -- In a year when it has seemed as if US officials were hell-bent on putting much of the cryptocurrency market out of commission, the beaten-down digital-asset industry has finally scored a big legal win. Most Read from BloombergPutin Agrees to Visit China in First Trip Since Arrest WarrantCitadel Vets 69,000 Intern Applicants to Find Next Math GeniusesWhat to Do With a 45-Story Skyscraper and No TenantsCrypto Scores Landmark US Legal Win With Grayscale ETF RulingStocks Up Most Since

The U.S. could be on the verge of getting its first spot bitcoin exchange-traded fund after a federal court ordered the Securities and Exchange Commission to review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust (OTC: GBTC) into an ETF. Grayscale Investments, the manager behind the leading cryptocurrency fund, first applied to convert its GBTC closed-end fund into an exchange-traded fund in October 2021. Join Benzinga's Future of Digital Assets in NYC on N

Bitcoin Surges 7% To $28,000, Ether Rallies 5%

The firm is one step closer to launching the first U.S. spot cryptocurrency ETF.