In a “watershed moment for the crypto industry,” the SEC approved 11 Spot Bitcoin ETF applications yesterday after market close.
“These are very heavy hitters,” Hedgeye Financials analyst Josh Steiner says of the companies rolling out new ETFs. “These are the largest asset managers basically in the world.”
While SEC approval is a big win for Bitcoin, many questions remain: How quickly will assets pile up in these ETFs? Will they cannibalize existing ETFs? And what does it mean for other crypto coins?
Bitcoin was originally up 6% on the news. Meanwhile, Ethereum was up 12% fueled by speculation that it could eventually receive similar treatment to Bitcoin.
“I think (SEC Chair) Gary Gensler is very unlikely to move on Ethereum, because the only crypto the SEC has agreed is not a security is Bitcoin,” Steiner adds. “It’s a commodity. Everything else, Gensler maintains, does not warrant the same treatment.”
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Full list of Spot Bitcoin ETFs:
- Grayscale Bitcoin Trust (GBTC)
- iShares Bitcoin Trust (IBIT)
- ARK 21Shares Bitcoin ETF (ARKB)
- Bitwise Bitcoin ETF (BITB)
- Invesco Galaxy Bitcoin ETF (BTCO)
- WisdomTree Bitcoin Fund (BTCW)
- VanEck Bitcoin Trust (HODL)
- Franklin Bitcoin ETF (EZBC)
- Fidelity Wise Origin Bitcoin Trust (FBTC)
- Valkyrie Bitcoin Fund (BRRR)
- Hashdex Bitcoin ETF (DEFI)
