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July 17, 2024
PI Global Investments

Bitcoin ETFs: The SEC Found a Way to Get Out of the Way. Now, It’s Caveat Emptor

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The day came at last, to the sheer joy of the crypto faithful — and the profound displeasure of skeptics. After Wednesday’s market close, the US Securities and Exchange Commission for the first time approved exchange-traded funds that invest directly in Bitcoin. Issuers were given the green light, including industry heavyweights BlackRock Inc., Invesco Ltd., and Fidelity Investments as well as smaller competitors like Valkyrie. All will begin trading Thursday. The presence of such huge companies guarantees a much greater attempt to sell Bitcoin to small investors.

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