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The SEC has approved all 11 applications for the spot Bitcoin ETF


January, 11 2024
watermark Economic news

The U.S. Securities and Exchange Commission (SEC) has approved the country's first exchange-traded funds (ETFs) for bitcoin. This will allow the largest investors to legally purchase cryptocurrency. 


Among the issuing companies that have received SEC approval are Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin Templeton. Trading on these ETFs is expected to begin on January 11.


The head of the SEC, Gary Gensler, said that these products will be available for placement and trading on registered national securities exchanges. These exchanges are regulated and required to comply with the necessary rules to prevent fraud and manipulation, and the activities of bitcoin-related funds will be carefully monitored by the authorities.


«After careful consideration, the Commission concluded that the proposals comply with the Law on Exchanges, as well as the rules and regulations applicable to the national securities exchange,» the SEC said in a document.


The approval of the ETF will allow the largest investors in the United States to purchase cryptocurrencies in the same way they purchase stocks and other assets. Experts note that this event can have a powerful impact on the growth of the value of bitcoin and stimulate interest in cryptocurrency from institutional investors.


It is expected that during the first trading day, the Bitcoin ETF can attract a significant inflow of funds, which is estimated at $4 billion.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.