The US SEC approves 11 Bitcoin Spot ETFs

Bitcoin迎来历史性时刻。美国证券交易委员会(SEC)宣布批准首批在美国上市的Bitcoin现货交易所交易基金(ETF)。

The SEC has approved the 19b-4 filings submitted by the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange, officially allowing these markets to list Bitcoin Spot ETF trading as early as January 12. The day before the approval, the applying institutions announced a reduction in fees to compete for investor funds.

This long-awaited initiative will give ordinary investors the opportunity to access Bitcoin. Analysts expect that all these ETFs could raise up to $4 billion on their first day of trading and gather $50 billion in two years.

The SEC has approved applications from 11 companies including BlackRock, Ark Investments, 21Shares, Fidelity, Invesco, and VanEck. Some products are expected to start trading as early as Thursday.

SEC Chair Gary Gensler emphasized that this approval is limited to ETPs that hold Bitcoin, a non-security commodity, and does not indicate a change in the SEC's stance toward other crypto assets. SEC Commissioner Hester Peirce stated that this is a moment worth celebrating, but Commissioner Caroline Crenshaw expressed disagreement with the approval decision.

This approval is seen as an important watershed between crypto finance and traditional finance. Analysts expect that this year alone, ETFs could attract between $50 billion to $100 billion in funds, potentially pushing the price of Bitcoin up to $100,000.

Before approval, various applicant institutions updated the trading fees multiple times. The fees for BlackRock iShares were 0.12% for the first 12 months, then increased to 0.25%. Institutions such as Bitwise and Ark/21Shares offered a 0% rate initially.

The SEC stated in its announcement that these products will be listed and traded on registered national securities exchanges, subject to relevant rules and conduct standards. The SEC emphasized that it has not approved or endorsed Bitcoin itself, and investors should remain cautious of the associated risks.

Some analyses suggest that allowing only cash subscriptions and redemptions may somewhat affect the attractiveness and effectiveness of the product. However, overall, this approval is still an important milestone for Bitcoin and the cryptocurrency industry.