- The SEC on Wednesday approved 11 spot bitcoin exchange-traded funds
The US Securities and Exchange Commission has approved 11 spot bitcoin exchange-traded funds (ETFs), including those of BlackRock, Grayscale, Bitwise and Hashdex.
The approval is poised to revolutionize Bitcoin, offering institutional and retail investors exposure to the world’s largest cryptocurrency without directly holding it.
Head of financial research at Standard Chartered Bank, Geoffrey Kendrick, described the pending approval as a watershed moment for the cryptocurrency.
‘We see this as a watershed moment for normalizing bitcoin participation by institutional money, and we expect approval to drive significant inflows and price upside for BTC,’ wrote Kendrick.
The US Securities and Exchange Commission has approved 11 spot bitcoin exchange-traded funds (ETFs), including those of BlackRock, Grayscale, Bitwise and Hashdex
List of the 11 spot bitcoin ETF issuers approved on Wednesday afternoon
Many bitcoin investors have been eagerly awaiting the SEC approval because it will likely result in an influx of investment into bitcoin-related assets, thereby driving up its value.
In the past, ordinary retail investors who wanted to trade cryptocurrencies that had to do so on crypto exchanges incurred significant transaction fees in the process.
ETFs will allow people to buy and sell shares in a fund which will trade on traditional exchanges.
The token had retreated to just over $46,500 on Tuesday afternoon but this week is treading at its highest level since March 2022. Its all time high of just under $70,000 was in November 2021
The US Securities and Exchange Commission (SEC) is approved the spot bitcoin ETF today. It could be a watershed moment for the controversial cryptocurrency