Coinbase shares rose about 6% Tuesday on optimism about the long-awaited approval of a bitcoin spot exchange-traded fund. The company, which has been fighting with the Securities and Exchange Commission in Manhattan federal court, could reach a turning point.

Grayscale’s Bitcoin Trust’s shares rose nearly 5% in Tuesday morning trading. An appeals court judge ordered the SEC to review Grayscale’s proposed Bitcoin ETF on Monday, formalizing Grayscale’s victory.

The stock price of Coinbase, which was also lifted by that finalized decision, often closely mirrors the performance of broader cryptocurrency markets. As a crypto custodian, the company has been tapped by a number of prospective ETFs, including BlackRock’s proposed Bitcoin ETF.

As a result of its perceived “regulation-by-enforcement” approach, the SEC has been criticized both by industry and Congress. While critics say the SEC is punishing cryptocurrency exchanges in the wake of the collapse of FTX, supporters say many cryptocurrencies are indeed securities and further regulation is not necessary to establish the SEC’s jurisdiction.

Several crypto-exposed companies have seen their share prices fall as a result of the tussle over jurisdiction. Coinbase is up nearly 119% year to date, but remains well below its pre-crypto-winter levels. Similarly, MicroStrategy, another crypto-exposed firm, saw its shares rise 12% during Tuesday morning trading, but remain unchanged from 2022 levels.

In addition, Coinbase must file one last motion to appeal. In August, the company filed a motion to dismiss the SEC’s claims, arguing that the SEC’s lawsuit was both beyond its authority and that the assets in question were not securities.