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June 14, 2024
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Spot Bitcoin ETF Kickstarts As BlackRock & Ark 21Shares, Among Others Join the Fray

In a whirlwind of developments made throughout the realm of crypto, this week marked a monumental achievement for cryptocurrency trading globally as the SEC’s approval of spot Bitcoin ETFs appears to have propelled immense market optimism. With the ETF approval recently entering into the crypto arena, 11 key exchange-traded products emerged within the market, sparking immense curiosity among crypto traders and investors. Aligning with this, some of the prominent buzzing news for this week are :

SEC’s Stance On The ETF Approval

Although this week kicked off with a whirlpool of speculations around the SEC’s stance on the Bitcoin ETF approval, the regulatory body finally shows the green light to the endorsement, curating a wave of enthusiasm across the crypto trading landscape. However, this week, a fake post from the SEC’s handle propelled a thrilling twist across the broader market. Nonetheless, following the clarification orbiting around the regulatory body’s fake post, approval was promptly sanctioned for Bitcoin ETFs trading. The public markets for the same commenced the day following the approval.

Also Read: SEC X Hack: What Really Caused the Big Blunder?

Ark 21, VanEck & BlackRock, Among Others Propel With ETFs

According to numerous reports by CoinGape Media over the past week, Ark 21 and BlackRock appear to have leveled up their competitiveness around the Bitcoin ETF race. The two entities notably slashed their ETF fees in their S-1 filings just before the approval, raising the stakes even higher. Furthermore, VanEck, along with WisdomTree, entered the fray along with their listing on DTCC in the nick of time, as the approval loomed over the crypto horizon.

Moreover, VanEck seeded its ETF with a $72.5 million investment, whereas BlackRock concurrently made an initial investment of $10 million. Meanwhile, Bitwise, another participant in the contest, invested $500,000 into its ETF.

Grayscale (GBTC), another key player leaded the way with its approval confirmed this week, followed by the approval of 10 more products. These included:

Bitwise Bitcoin ETF(NYSEMKT: BITB), ARK 21Shares Bitcoin ETF(NYSEMKT: ARKB),
Fidelity Wise Origin Bitcoin Fund (NYSEMKT: FBTC), Valkyrie Bitcoin Fund(NASDAQ: BRRR), iShares Bitcoin Trust(NASDAQ: IBIT), VanEck Bitcoin Trust(NYSEMKT: HODL), Franklin Bitcoin ETF(NYSEMKT: EZBC), Wisdomtree Bitcoin Trust(NYSEMKT: BTCW), Invesco Galaxy Bitcoin ETF (BATS-CHIXE: BTCO),
Hashdex Bitcoin ETF(NYSEMKT: DEFI)

Also Read: Bitcoin ETF: Cathie Wood Calls Vanguard’s Decision to Exclude ETFs “Terrible”

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