Cryptocurrency asset manager Grayscale has scored a major victory against the U.S. Securities and Exchange Commission. 

The price of Bitcoin, the largest cryptocurrency, managed to top $27,000 following the ruling. The flagship coin has reached an intraday high of $27,740 on the Bitstamp exchange. The shares of major crypto companies, such as Coinbase, are also on the rise following the decision.   

In a landmark ruling, the DC Circuit Court of Appeals stated that the "denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products," 

However, as noted by leading ETF expert James Seyffart, the ruling doesn't mean that Grayscale's GBTC product will be automatically converted into an ETF. With that being said, the ruling might potentially pave the way for the very first spot Bitcoin ETF in the U.S. 

As reported by U.Today, Grayscale was widely expected to score a win against the SEC after a recent ruling in the Ripple case.