Summary
The U.S. Securities and Exchange Commission (SEC) has approved several spot bitcoin exchange-traded funds (ETFs) proposed by major firms including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, and Invesco. The SEC’s official announcement came a day after an “unauthorized tweet” prematurely greenlit the funds. While the approval is a milestone for the fund and crypto industries, SEC Chair Gary Gensler emphasized that investors should remain cautious about the risks associated with bitcoin and crypto-related products. The approval is seen as a positive step for institutional investors entering the crypto space.
Key Points
1. The Securities and Exchange Commission (SEC) has approved multiple spot bitcoin ETF proposals from various companies, including BlackRock, Fidelity, Grayscale, Bitwise, and VanEck, among others.
2. The approval marks a significant milestone for the fund and crypto industries, allowing US investors to fully participate in the promise of bitcoin.
3. Despite the regulator repeatedly blocking such funds in the past, the approval does not come as a total surprise, with Bloomberg Intelligence analysts pegging the chances of approval at 90% in recent months. The constructive dialogue between the SEC and fund issuers also played a role in the decision.