U.S. Securities and Exchange Commission approves Bitcoin ETF

The U.S. Securities and Exchange Commission (SEC) has approved a Bitcoin ETF, significantly expanding access to the 15-year-old cryptocurrency. The SEC declared effective the 19b-4 filings filed by the New York Stock Exchange, Nasdaq, and Cboe Global Markets, allowing these securities to be listed and traded on those markets.

The approval comes after numerous attempts to launch a spot Bitcoin ETF were delayed and rejected over the years. This is a spot ETF, meaning it holds Bitcoin itself, unlike the already approved Bitcoin futures ETFs, which hold derivative contracts tied to BTC.

About a dozen companies, including BlackRock, Fidelity, and Grayscale, have attempted to create Bitcoin ETFs. In recent days they have announced, and in some cases reduced, the fees they will charge investors. This suggests a fierce battle ahead to raise investors’ money.

This move by the SEC is seen as an important step toward allowing institutional and retail customers to gain exposure to Bitcoin’s price fluctuations without having to set up a wallet or invest directly in the digital asset.

To the moon.

Image: Copyright: grejak