The SEC Finally Approves All Eleven Spot Bitcoin ETF Applications

The SEC Finally Approves All Eleven Spot Bitcoin ETF Applications 

The US Securities and Exchange Commission (SEC) has finally approved all eleven spot Bitcoin exchange-traded funds (ETFs) applications for listing and trading on US stock exchanges. The approved spot Bitcoin ETFs could begin trading on NYSE Arca, Nasdaq, and Cboe BZX Exchange from Thursday after years of anticipation and regulatory hurdles.

Spot Bitcoin ETFs Approved for Listing and Trading 

The US Securities and Exchange Commission (SEC) announced the approval of eleven spot bitcoin exchange-traded fund (ETF) applications on Wednesday for listing and trading on NYSE Arca, the Nasdaq Stock Market, and the Cboe BZX Exchange.

The approved spot bitcoin ETFs are Grayscale Bitcoin Trust (GBTC), 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 ARK 21shares Bitcoin ETF (ARKB).

Bitwise Offers the Lowest Fee, Grayscale the Highest Fee

The eleven-spot Bitcoin ETF applicants filed their final documents (S-1) for registration with the SEC this week. The filings revealed a fee competition among the issuers. The SEC’s website updated the latest filings on Wednesday morning. The world’s largest asset manager, Blackrock, reduced its fee to 0.25% (0.12% for the first USD 5 billion), following Ark Invest and 21shares in fee-reducing. The ARK Invest and 21shares fee is 0.21% with a 0% waiver for the first six months or USD 1 billion. Bitwise wins the fee reduction race with a 0.20% fee and identical waiver, while Grayscale remains the costliest option at 1.5%.

Cash-Only Model Prevails Over In-Kind 

The approved spot Bitcoin ETFs are based on the 'cash-only' model, as insisted by the SEC. Ark Invest CEO Cathie Wood believes spot bitcoin ETFs will boost the price of bitcoin “significantly.” The digital assets director of Vaneck stated that people largely underestimate the long-term impact of spot bitcoin ETFs. The digital asset exchange Coinbase will serve as the custodian for most US-spot bitcoin ETFs. The exchange recently announced that it is ready for spot bitcoin ETF approvals.

What is your take on the SEC’s decision regarding spot bitcoin ETFs? Please share your thoughts and opinions in the comments section below.