SEC Approval, Bringing Easier Access To Bitcoin
U.S. regulators approved bitcoin ETFs, dramatically broadening access to the 15-year-old cryptocurrency.
The Securities and Exchange Commission on Wednesday declared effective key filings from the markets seeking to list the groundbreaking products. They will begin trading on Thursday.
About a dozen companies, including BlackRock, Fidelity and Grayscale, sought to create bitcoin (BTC) ETFs. In recent days they’ve announced – and, in some cases, slashed – the fees they plan to charge investors, suggesting a fierce battle to win investors’ money is ahead.
These are spot ETFs, meaning they hold bitcoin itself, versus the already-approved bitcoin futures ETFs, which hold derivatives contracts tied to BTC. The green light from the SEC follows many years of delays and outright rejections of numerous attempts to launch spot bitcoin ETFs.
(With inputs from Shikha Singh)
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