In a landmark decision that sent shockwaves through the crypto industry, the Securities and Exchange Commission today approved several Bitcoin spot exchange-traded funds (ETFs) from a range of prominent providers. The long-awaited move opens the floodgates for public trading of funds directly backed by Bitcoin.
Investors can finally access Bitcoin in their ordinary brokerage accounts without worrying about the hassles and risks of owning crypto themselves. Trading should start officially tomorrow.
The SEC granted approval to the following firms for listing Bitcoin spot ETFs:
- VanEck
- Bitwise
- Fidelity
- Franklin
- Valkyrie
- Hashdex
- ArkInvest
- Grayscale
- BlackRock
- WisdomTree
- Invesco
- Galaxy
Other heavyweights receiving the regulatory green light include asset managers VanEck, Fidelity, Ark Invest, and Invesco. Several Bitcoin-linked equity ETFs have already reached the market, but today’s approvals mark the first time the SEC has allowed what’s seen as the ‘holy grail’ for crypto: a fund directly backed by Bitcoin rather than futures or company stock.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +The SEC repeatedly argued there were issues with market manipulation and custody solutions. It’s clear they finally became comfortable thanks to the maturing spot Bitcoin market.
Interestingly, despite the momentous news, Bitcoin’s price has remained remarkably steady, trading around $46,155 at the time of writing. The lack of volatility might suggests the market has already priced in approval after Bloomberg analysts gave high odds for SEC greenlighting.
Bullish analysts say the flood of capital from new ETF investors could still propel Bitcoin well into six-figures. But regulators remain cautious, threatening to pull products if crypto markets turn volatile. For now, though, the mood is euphoric as the SEC finally lets the bulls out.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
