The U.S. Securities and Exchange Commission (SEC) has given the green light to the first set of Bitcoin exchange-traded funds (ETFs) for listing in the United States. This historic decision is expected to enhance Bitcoin’s attractiveness to a broader investor base.
Leading investment firms such as BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck are among the 11 recipients of the SEC’s nod. These ETFs, poised for trading imminently, represent a significant leap in bringing cryptocurrencies into the mainstream investment fold.
Despite the buzz, Bitcoin’s price remained stable, trading at $46,337. Earlier in the week, the cryptocurrency had rallied to a 21-month high of $47,897, fueled by the anticipation of these approvals. This follows a remarkable 156% increase in value last year.
Ether, trailing Bitcoin as the second-largest crypto asset, saw a modest 0.2% uptick to $2,590.20. It had previously hit a peak of $2,644, marking its best performance since May 2022.
Coinbase Institutional’s Brett Tejpaul highlighted the significance: “The approval of these spot bitcoin ETFs is a pivotal moment for the cryptocurrency market.” He further emphasized that this regulatory milestone could unlock trillions in new capital, as it attracts major asset managers to the realm of digital assets through a regulated avenue.
