175% Extra + $75 Risk Free Bet!
New players only. 175% on 1st Deposit + $75 Risk Free Bet
On January 10, the U.S. Securities and Exchange Commission (SEC) gave the green light for multiple spot Bitcoin ETFs, a major move in the crypto world. This decision allows these ETFs to be listed on major U.S. exchanges, including the Nasdaq, NYSE, and CBOE. Starting from 9 am on January 11, these ETFs will begin trading at the CBOE, which is a historical moment in the history of cryptocurrency.
This major approval concludes a long-standing quest spanning over a decade to list Bitcoin ETFs on major exchanges. The SEC’s filing, which briefly overwhelmed their website due to heavy traffic, named 11 issuers authorized to list Bitcoin exchange-traded funds. The SEC’s document states, “As described in more detail in the Proposals’ respective amended filings, each Proposal seeks to list and trade shares of a Trust that would hold spot bitcoin, in whole or in part. This order approves the Proposals on an accelerated basis.”
Leading firms like VanEck were ready to commence trading immediately after approval. VanEck CEO Jan Van Eck, in an interview with CNBC, confirmed their preparedness, saying, “Firms had indicated readiness to begin trading as early as Jan. 11.” Other issuers also expressed their readiness to start spot BTC ETF operations without delay.
In anticipation of the approval, BlackRock and ARK 21Shares filed amended applications to offer even lower fees, indicating a competitive market. Currently, Bitwise maintains the lowest fee structure at 0.2%, followed by ARK 21Shares, BlackRock, and Fidelity. Bloomberg’s Eric Balchunas commented on the fee competition, noting, “It’s also unlikely that firms will change their fees now that the SEC has issued green lights for spot BTC ETFs.”
The announcement had immediate effects on the market, with Bitcoin trading at $46,681 currently, according to CoinMarketCap data, good for a 1% rise, slightly less than what many may have predicted.
Gary Gensler, the Chair of the SEC, clarified the decision, stating, “We did not approve or endorse bitcoin.” He further explained, “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.” Gensler emphasized the speculative nature of Bitcoin and its use in illegal activities. He also made it clear that this approval does not indicate any broader acceptance of crypto assets by the SEC, saying, “It should in no way signal the commission’s willingness to approve listing standards for crypto asset securities.”