Bitcoin higher after US SEC approves 11 spot ETFs
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More news: Bitcoin was trading 0.5% higher at US$45,927.20 ($68,431) shortly after the US Securities and Exchange Commission approved the first US-listed exchange traded funds (ETFs) to track the cryptocurrency. Bitcoin has gained more than 70% in recent months on the expectation ETFs for the asset would be approved and earlier this week topped US$47,000 for the first time since April 2022.
US SEC approves 11 spot bitcoin ETFs
The news: The US Securities and Exchange Commission has approved the first US-listed exchange traded funds (ETFs) to track bitcoin, in a major boost for the cryptocurrency industry.
The numbers: The SEC has approved 11 spot bitcoin ETFs simultaneously to help create a level playing field for issuers and promote fairness and competition, Chair Gary Gensler said in a statement. Applications approved include those from BlackRock, Ark Investments Fidelity, Invesco and VanEck.
The context: The decision is set to be a watershed for the world's largest cryptocurrency and the broader crypto industry. The products would be a game-changer for bitcoin, offering institutional and retail investors exposure to the world's largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals. Bitcoin has gained more than 70% in recent months on the expectation ETFs for the asset would be approved.
