Summary
The US Securities and Exchange Commission (SEC) has approved nearly a dozen spot bitcoin exchange-traded funds (ETFs), with most expected to start trading soon. The SEC approved 19b-4 proposals filed by the Cboe BZX Exchange, Nasdaq, and NYSE Arca, allowing the funds to be listed on these exchanges. The registration statements by the issuers have also been made effective, bringing the ETFs closer to launch. Competition among the bitcoin funds is expected to be fierce, with asset managers differentiating themselves through low fees and marketing campaigns. The approved issuers include BlackRock, Fidelity, Ark Invest, 21Shares, Bitwise, Grayscale, Valkyrie, VanEck, WisdomTree, Franklin Templeton, Invesco, Galaxy Digital, and Hashdex.
Key Points
1. The US Securities and Exchange Commission has cleared nearly a dozen spot bitcoin ETFs, with most expected to start trading. This marks a significant development in the cryptocurrency market, as it provides investors with more regulated and accessible options for gaining exposure to bitcoin.
2. The approved ETFs were filed by major exchanges such as Cboe BZX Exchange, Nasdaq, and NYSE Arca. These exchanges have received approval for their 19b-4 proposals and have had their registration statements made “effective,” bringing them closer to launching their bitcoin ETFs.
3. Competition among the bitcoin ETFs is expected to be fierce, with asset managers aiming to differentiate themselves through low fees and marketing campaigns. BlackRock, Fidelity, Ark Invest, Bitwise, Grayscale, and other prominent firms are among the issuers set to launch the first spot bitcoin ETFs in the US.