In a historic turning point for the world of cryptocurrencies, the United States Securities and Exchange Commission (SEC) has approved spot Bitcoin ETFs, marking a major step in the integration of cryptocurrencies into the traditional financial system.
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US Spot Bitcoin ETFs Approved by SEC
It’s done ! After months of waiting, the United States Securities and Exchange Commission (SEC) has just given the green light for a series of spot Bitcoin ETFs. The financial world has been eagerly awaiting the SEC to authorize a spot Bitcoin ETF, a move that has the potential to radically transform investing in digital assets.
The official SEC document is visible online. The SEC website indicates a 404 error, you can find the document from the Wayback Machine.
The information was confirmed by Bloomberg:
“Order granting accelerated approval” it’s over. Thank God. pic.twitter.com/qCozlxzSBX
— Eric Balchunas (@EricBalchunas) January 10, 2024
On the other hand, a Grayscale representative also claimed that they have received approval from the SEC to list their flagship product, the Grayscale Bitcoin Trust (GBTC), on the New York Stock Exchange (NYSE) :
“I am happy to confirm that the Grayscale team has received necessary regulatory approvals to uplist GBTC to NYSE Arca, and we will share a press release with additional information shortly” ~ Grayscale spokesperson
— Frank Chaparro (@fintechfrank) January 10, 2024
Unlike futures-based ETFs, a spot Bitcoin ETF allows investors to buy shares in a fund that directly holds Bitcoin. This provides more direct exposure to the price of Bitcoin, providing a new avenue for institutional and individual investors.
💡 Find our guide to buying Bitcoin in 2023
Thus, the crypto-community expects that the arrival of a spot Bitcoin ETF in the United States will result in a significant increase in demand for digital gold.
However, the arrival of a Wall Street player as imposing as BlackRock is also worrying, particularly because it could lead to increased centralization of Bitcoin.
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The price of Bitcoin unaffected by the announcement
The announcement of the approval of BlackRock’s spot Bitcoin ETF had no impact on the price of Bitcoin, which had . BTC is currently trading at $45,700.
Evolution of the Bitcoin price
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Source: Securities and Exchange Commission
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