Historic SEC Nod: 11 Spot Bitcoin ETFs Primed for Trading Surge

In a pivotal development, the U.S. Securities and Exchange Commission (SEC) has granted the green light for the listing and trading of 11 spot bitcoin exchange-traded funds (ETFs) on major U.S. stock exchanges. Following years of eager anticipation and regulatory obstacles, these ETFs are set to hit the active trading scene on Thursday, making waves on NYSE Arca, Nasdaq, and Cboe BZX Exchange.

Spot Bitcoin ETFs Cleared for Liftoff

On Wednesday, the SEC unveiled its approval of 11 spot bitcoin exchange-traded fund (ETF) applications, giving the go-ahead for their listing and trading on NYSE Arca, the Nasdaq Stock Market, and Cboe BZX Exchange.

The greenlit spot bitcoin ETFs include ARK 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), Vaneck Bitcoin Trust (HODL), Wisdomtree Bitcoin Fund (BTCW), Bitwise Bitcoin Trust (BITB), Ishares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Hashdex Bitcoin ETF (DEFI), and Grayscale Bitcoin Trust (GBTC).

The 11 contenders for these spot bitcoin ETFs concluded their registration statements (S-1) with the SEC this week, sparking a competitive fee skirmish among issuers. Blackrock, the world's largest asset manager, notably slashed its fee to 0.25% (0.12% for the initial $5 billion) in its latest filing, aligning with Ark Invest and 21shares in a feverish bout of fee reductions. Their ETF fee stands at 0.21%, featuring a 0% waiver for the initial six months or $1 billion. Bitwise claimed the throne with a 0.20% fee and an identical waiver, while Grayscale retained its status as the most premium option at 1.5%.

Mass Approval: SEC Gives Green Light to 11 Spot Bitcoin ETFs

The approved spot bitcoin ETFs universally embrace the cash creation model, aligning seamlessly with the SEC's preference. Cathie Wood, CEO of Ark Invest, envisions a substantial uptick in the bitcoin price through spot bitcoin ETFs. Vaneck's digital assets director emphasized the tendency of individuals to underestimate the long-term impact of these ETFs. Crypto exchange Coinbase, tapped as the custodian for most U.S. spot bitcoin ETFs, has assured thorough preparedness for the anticipated approvals.