fmcpay bitcoin etf approval whats
News

Bitcoin ETF Approval: What’s next?

Posted on by Audrey

Everyone is watching: Bitcoin ETF Approval: What’s next? The US Securities and Exchange Commission has approved the first spot bitcoin exchange-traded funds in a watershed moment that cryptocurrency enthusiasts are betting will draw new retail and institutional investors into the market.

The Securities and Exchange Commission said it approved 11 applications, including from BlackRock (BLK.N), Ark Investments/21Shares (ABTC.S), Fidelity, Invesco (IVZ.N) and VanEck, despite warnings from some officials and investor advocates that the products carried risks.

11 Spot Bitcoin ETF Approval

The regulator gave the green light to the following products (and their proposed ticker symbols):

  1. Blackrock’s iShares Bitcoin Trust (IBIT)
  2. ARK 21Shares Bitcoin ETF (ARKB)
  3. WisdomTree Bitcoin Fund (BTCW)
  4. Invesco Galaxy Bitcoin ETF (BTCO)
  5. Bitwise Bitcoin ETF (BITB)
  6. VanEck Bitcoin Trust (HODL)
  7. Franklin Bitcoin ETF (EZBC)
  8. Fidelity Wise Origin Bitcoin Trust (FBTC)
  9. Valkyrie Bitcoin Fund (BRRR)
  10. Grayscale Bitcoin Trust (GBTC)
  11. Hashdex Bitcoin ETF (DEFI)

The SEC delayed the Franklin Bitcoin ETF application which had a January 1st, 2024 deadline.
In a bid to appeal to investors, many issuers slashed and offered waivers to their spot bitcoin ETF fees ahead of the SEC nod.

Robinhood CEO Announces Plan to List Bitcoin ETF Soon

Robinhood, the trading app, has expressed support for the apparent policy shift by the U.S. Securities and Exchange Commission (SEC) to approve spot Bitcoin exchange-traded funds (ETFs). In a series of tweets, Robinhood CEO Vlad Tenev praised the SEC’s “decision to approve spot Bitcoin ETFs” as an “exciting update from Washington.”

Tenev expressed enthusiasm for the approvals, stating that Robinhood is “thrilled about the SEC’s decision.” He emphasized the company’s commitment to staying at the forefront of providing access to cryptocurrencies. Tenev indicated that Robinhood plans to list these ETFs on its platform, thereby expanding the range of investment options available to its user base.

Spot Ethereum ETFs now have a straight shot for approval

Bloomberg ETF analyst Eric Balchunas previously told Cointelegraph he couldn’t see a scenario where spot Bitcoin ETFs are approved but spot Ether ETFs aren’t.

“The Ether spot is tied to the hip of Bitcoin spot for sure. It’s gonna go wherever it goes. It’s basically like on a 15-foot rope following it.”
Balchunas also noted he had heard “on the back channels” that spot Ether ETFs “will be fine.”

Digital asset lawyer Joe Carlasare has expressed optimism for the approval of spot Ether exchange-traded funds (ETFs) this year. However, he believes that it may take a bit longer than some people expect.

“Ethereum spot ETFs will be approved [but] the SEC will try to carefully craft a precedent that permits them to retain some discretion in determining which digital asset ETFs will be permitted to come to market.”

Also read: Bitcoin Spot ETF vs. Bitcoin Futures ETF

Buy your favorite crypto now