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SEC Authorizes Bitcoin ETFs

US regulators approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond.

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Bitcoin briefly scaled $47,000 in a generally muted climb following the approvals. It was trading at $46,480 as of 12:42 p.m. Thursday in Singapore. The original cryptocurrency, which sank 64% in 2022, more than doubled in 2023 in large part because of speculation that the SEC would eventually approve ETFs.

The approvals mark a rare capitulation by the SEC following opposition that lasted for more than a decade, ever since Tyler and Cameron Winklevoss first proposed a Bitcoin ETF in 2013.

BlackRock Inc.’s surprise application last June, followed by an appeals court ruling that called the denial of a different application “arbitrary and capricious,” triggered a blistering rally in the cryptocurrency amid speculation that US regulators would finally give their blessing to the structure.



Image: BTC