SEC approves spot bitcoin ETFs in game-changer for crypto industry
NY Post
The US securities regulator on Wednesday approved the first US-listed exchange traded funds to track bitcoin, its Chair Gary Gensler said, in a watershed for the world’s largest cryptocurrency and the broader crypto industry.
The agency approved applications, including from BlackRock, Ark Investments and 21Shares, Fidelity, Invesco, and VanEck, among others, according to a notice on its website.
Some products are expected to begin trading as early as Thursday.
The products — a decade in the making — would be a game-changer for bitcoin, offering institutional and retail investors exposure to the world’s largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals.
Standard Chartered analysts this week said the ETFs could draw $50 billion to $100 billion this year alone, driving the price of bitcoin as high as $100,000.
Other analysts have said inflows will be closer to $55 billion over five years.
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