In what many hailed as a landmark decision — and after years of anticipation and stalling — the Securities and Exchange Commission (SEC) approved spot Bitcoin exchange traded funds (ETFs) on Jan. 10.
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Since 2021, there have been several Bitcoin-linked ETFs. However, so-called spot Bitcoin ETFs were what many investors and analysts had been hoping for.
Financial behemoths such as BlackRock, Grayscale and Fidelity had all applied for such funds to be approved, and some of them will start trading as early as today.
For instance, Grayscale’s Bitcoin Trust is expected to start trading today on NYSE Arca as the largest spot Bitcoin ETF in the U.S.
“It will be a milestone moment for investors and financial advisors to be able to access Bitcoin in the form of an ETF,” said Jennifer Rosenthal, Grayscale spokeswoman. “The Grayscale team is incredibly proud of the work we have done to grow GBTC into the world’s largest Bitcoin investment vehicle, blazing a path forward for all spot Bitcoin ETFs to come to market.”
Invesco, in partnership with Galaxy Asset Management, announced the launch of the Invesco Galaxy Bitcoin ETF. BlackRock’s spot bitcoin ETF, the iShares Bitcoin Trust, will also start trading today on the Nasdaq, while Fidelity Investments launched the Fidelity Wise Origin Bitcoin fund, according to press releases.
Bitcoin — which is up 170% in the past year — was up about 4% on the morning of Jan. 11, reaching $47,170, according to CoinGecko. Coinbase — which is custodian to eight of the 11 approved ETFs and whose shares are up 224% in the past year — saw its stock decline around 6%.
“ETFs started trading on Thursday’s market opening and crossed $1.2 billion in trading volume within the first 30 minutes of trading, signaling clear enthusiasm from the market,” said Zachary Friedman, co-founder of Secure Digital Markets.
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