All 11 Bitcoin ETFs listed, SEC approved for first spot ETF in US history

All 11 brands approved

On the 11th Japan time, the US Securities and Exchange Commission (SEC) approved the listing of the first Bitcoin spot ETF (exchange traded fund) in US history. This was announced on the SEC’s official website. The price of Bitcoin has had a limited reaction to this news, and remains in the $46,000 range.

Source: SEC

The ETFs approved this time include all 11 applications, including the “iShares BITCOIN SPOT ETF (iShares Bitcoin Trust)” submitted by BlackRock, the world’s largest asset management company, Grayscale’s GBTC, and Fidelity’s FBTC. is.

A “Bitcoin Spot ETF” is one that actually purchases Bitcoin and trades the Bitcoin-based trust (ETF) on the stock market. Investors will be able to invest in the value of Bitcoin without having to purchase it directly. Furthermore, it is expected that the digital currency market will mature and its recognition will increase.

Analysts say the SEC has strategically delayed individual reviews and approved multiple ETFs at the same time to avoid giving any particular applicant an advantage.

Source: Bloomberg

ETFs differ in design and partner companies, and in the case of BlackRock’s ETF “IBIT”, the US Coinbase was selected as the Bitcoin custodian, and the fee is 0.25% (0.12% for the first 6 months). .

The average fee for US ETF products is said to be 0.54%, but many companies currently set fees lower than this for Bitcoin spot ETF applications.

Cboe trading start date notification

On the same day, Cboe, the listed derivatives exchange, sent a notice to ARK 21Shares, Fidelity, Franklin Templeton, Invesco, VanEck, and WisdomTree, informing them that the first day of trading for the Bitcoin spot ETF will be Thursday.

“Cboe is pleased to announce that Exchange Traded Products (“ETPs”) will be listed on Cboe and will begin trading as a new security on January 11, 2024,” Cboe said in the notice.

The other four ETFs, including BlackRock, are listed on the NYSE (New York Stock Exchange) and Nasdaq, and no notification announcements have been confirmed at this time.

Yesterday’s SEC misinformation

Yesterday morning, the SEC’s official Twitter (X) account was hacked and false information was posted claiming that it had approved a Bitcoin ETF, causing temporary confusion in the virtual currency market.

Later, official support for X pointed out that unauthorized access had been gained through a method called SIM swapping. The SEC announced on the 11th that it is cooperating with the FBI in investigating the misinformation posts.

connection: SIM swap attack or Bitcoin ETF fake announcement behind SEC account breach

Regarding today’s approval announcement, SEC Chairman Gensler said, “While the SEC today approved the listing and trading of certain Spot Bitcoin ETP shares, it does not approve or recommend Bitcoin.” .

*GENSLER: ‘WHILE WE APPROVED THE LISTING AND TRADING OF CERTAIN SPOT BITCOIN ETP SHARES TODAY, WE DID NOT APPROVE OR ENDORSE BITCOIN.’ – THE BLOCK PRO

— The Block Pro Headlines (@theblockupdates) January 10, 2024

Prediction of capital inflow into Bitcoin

Experts believe that the approval of a Bitcoin spot ETF could increase confidence in the crypto market and encourage new capital inflows.

The U.S. ETF market has seen an influx of funds due to lower interest rates and an improved economic outlook, and as of November 2023, assets under management have reached a record high of $7.65 trillion.

Bitcoin spot ETFs offer several advantages over existing Bitcoin “futures” ETFs, including ease of reporting positions and assessing risk, and no need to worry about rollover costs or contract expirations. .

British financial giant Standard Chartered Bank, referring to data on gold ETFs that were first launched in 2004, found that if a Bitcoin spot ETF is approved in the United States, it could generate between $50 billion and $100 billion in 2024. He predicted that there would be an inflow of funds of approximately 7.2 trillion yen to approximately 14.4 trillion yen.

On the other hand, some, like JPMorgan, view the impact of spot ETFs on the virtual currency market to be limited, while others express caution that they could reduce Bitcoin transactions and undermine network effects. .

In August 2023, an application to convert GBTC, a major investment trust provided by virtual currency-related company Grayscale, into an ETF was brought to court, and a judgment was made in favor of Grayscale. Some believe that this victory prompted the SEC to change its criteria for determining Bitcoin ETFs.

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