The U.S. Securities and Exchange Commission (SEC) has approved 11 spot bitcoin exchange-traded funds (ETFs) for listing and trading on U.S. stock exchanges. In a historic move after years of anticipation and regulatory hurdles, the approved spot bitcoin ETFs are expected to start trading Thursday on NYSE Arca, Nasdaq, and Cboe BZX Exchange.
Spot Bitcoin ETFs Approved to Launch
The U.S. Securities and Exchange Commission (SEC) announced Wednesday that it has approved 11 spot bitcoin exchange-traded fund (ETF) applications to be listed and traded on NYSE Arca, the Nasdaq Stock Market, and Cboe BZX Exchange.
The approved spot bitcoin ETFs are ARK 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), Vaneck Bitcoin Trust (HODL), Wisdomtree Bitcoin Fund (BTCW), Bitwise Bitcoin Trust (BITB), Ishares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Hashdex Bitcoin ETF (DEFI), and Grayscale Bitcoin Trust (GBTC).
The 11 spot bitcoin ETF applicants filed their final registration statements (S-1) with the SEC this week. The filings revealed a fierce fee war among issuers. In its latest filing, which was posted on the SEC’s website on Wednesday morning, Blackrock, the world’s largest asset manager, slashed its fee to 0.25% (0.12% for the first $5 billion), joining Ark Invest and 21shares in a fee-cutting frenzy. Their ETF fee sits at 0.21% with a 0% waiver for the first six months or $1 billion. Bitwise takes the crown with a 0.20% fee and identical waiver, while Grayscale remains the priciest option at 1.5%.
Approved spot bitcoin ETFs universally adhere to the cash creation model, as it aligns with the SEC’s preference. Ark Invest CEO Cathie Wood believes spot bitcoin ETFs will boost the price of bitcoin “significantly.” Vaneck’s digital assets director stated that people tend to underestimate the long-term impact of spot bitcoin ETFs. Crypto exchange Coinbase, which will serve as the custodian for most U.S. spot bitcoin ETFs, recently said it has been extensively prepared for spot bitcoin ETF approvals.
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