Bitcoin, the largest cryptocurrency by market value, is on a torrid pace of late, surging more than 16% over the past week amid speculation that the Securities and Exchange Commission (SEC) could finally sign off on a spot bitcoin exchange traded fund.
Some experts believe such approval, which amounts to one of the most widely anticipated events in ETF industry is history, is just months away. It remains to be seen if this is a buy the rumor, sell the news type of event, but some things aren’t up for debate. First, a spot bitcoin ETF would clearly – it already is – benefit the digital currency’s price.
Second, such a product in the U.S. would likely bring a slew of new participants into the crypto market because some retail investors have been reluctant to embrace crypto due to technological concerns. Said another way, a spot bitcoin ETF could democratize the asset class and there’s precedent for happening – one set by god ETFs.
While crypto enthusiasts and ordinary investors wait on word from the SEC, some of the following ETFs could be worth considering.
Bitwise Crypto Industry Innovators ETF (BITQ)
The Bitwise Crypto Industry Innovators ETF (BITQ) is an equity-based fund, but it’s chock full of stocks that fit the bill as “crypto-correlated.” BITQ, which follows…