Bitcoin surges with US regulators poised for ETF approval
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The news: Bitcoin surged to a 21-month high, with US regulators seen as being poised to approve exchange-traded funds (ETFs) that invest directly in the digital asset.
The numbers: Bitcoin rose above USD47,000 ($70,000) for the first time since April 2022, gaining 6.2% on its largest one-day increase since 15 November. The surge came after a number of investment managers disclosed the fees they plan to charge for their proposed spot bitcoin ETFs, in a step toward approval this week by the US Securities and Exchange Commission (SEC). Fees for Bitwise (0.24%), VanEck (0.25%), Ark Investments/21Shares (0.25%) and BlackRock (0.30%) were among those filed with SEC, which are expected to undercut the average market rate for US ETFs.
The context: The filing of amended forms from several prospective ETF issuers on Monday is seen by analysts as a final push to bring the product to market. A decade since the first application was filed, the battle for market share is heating up ahead of an SEC approval deadline on Wednesday.
