4:05 PM ET: Updates with closing stock prices and late afternoon crypto prices.

Bitcoin (BTC-USD) rose 7.3% in Tuesday afternoon trading (about 4:02 PM ET), topping $27K for the first time since Aug. 17, after a federal court vacated a Securities and Exchange Commission ruling that had prohibited Grayscale from starting a bitcoin exchange-traded fund in the U.S.

A three-judge panel granted Grayscale's petition for review and vacated the SEC's order, according to the opinion.

Other cryptocurrencies also jumped on the news. Ethereum (ETH-USD) gained 5.7% to $1.72K, Binance coin (BNB-USD) rose 4.6%, XRP (XRP-USD) +3.6%, and cardano (ADA-USD) +4.0%

With the crypto strength, stocks exposed to bitcoin also climbed. MicroStrategy (NASDAQ:MSTR), which has billions of dollars' worth of bitcoin on its balance sheet, jumped 11%. Marathon Digital (NASDAQ:MARA) surged 29%, Riot Platforms (NASDAQ:RIOT) +17%, Hut 8 (NASDAQ:HUT) +16%, Hive Digital Technologies (NASDAQ:HIVE) +15%, and CleanSpark (NASDAQ:CLSK) +16%.

Crypto exchange Coinbase (NASDAQ:COIN) soared 15% and Bakkt (NYSE:BKKT), a crypto platform for corporations, climbed 12%