[ad_1]
The Securities and Exchange Commission (SEC) yesterday (Wednesday) approved the application for Bitcoin exchange-traded funds (ETFs) from 11 companies in one go. Now, spot Bitcoin ETFs will be listed on US exchanges starting today (Thursday) and can be traded from a general brokerage account.
To approve the Bitcoin ETF, the SEC needed to approve both the S-1 (or S-3) and 19b-4 forms of issuers, including ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale . , Bitwise, Hashdex and Franklin Templeton.
With the rule change, Bitcoin ETF issuers can list their products on three US exchanges: NYSE Arca, Nasdaq and Cboe BZX. These exchanges can list a Bitcoin ETF today.
Before approval, applicants were required to submit amended S-1 applications, revealing fees for the product and other minute details.
“After careful consideration, the Commission finds that the proposals are consistent with the Exchange Act and the rules and regulations thereunder applicable to a national securities exchange,” said the official filing by the SEC note.
Today, a new chapter opens. The approval of Bitcoin ETF ushers in a new era.
Bitcoin is consolidating its role as a universally recognized financial asset in global financial systems. More than that, it shines even brighter as a beacon of change, with the power to sculpt a new…– Antoni Trenchev (@AntoniNexo) January 10, 2024
First listing Thursday
Bitwise, a crypto index and fund manager in the United States, has already announced plans to list its Bitwise Bitcoin ETF today, which will trade on NYSE Arca under the ticker BITB. Although there is a 0.2 percent management fee, it will not charge any fees for the first six months until assets under management reach $1 billion.
“We expect significant demand for Bitcoin ETFs like BITB,” said Hunter Horsley, CEO of Bitwise.
Other licensed Bitcoin issuers, many of which will also list and trade their products starting today, are also maintaining competitive fees. The world’s largest asset manager, BlackRock, will charge a 0.2% fee until the fund reaches $5 billion in assets under management. Ark 21Shares and VanEck will charge a 0.25% fee. Like Bitwise, Ark 21Shares will also waive all fees for the first six months until the fund reaches $1 billion in assets under management.
Meanwhile, Grayscale stands out as it plans to charge 1.5% fees to Bitcoin ETF investors, the highest among all approved issuers.
#Bitcoin ETFs were just (finally) approved for trading tomorrow, after ten years. Perhaps Congressional policy around cryptocurrency will improve once they realize it supports pension funds and retirement accounts.
-Edward Snowden (@Snowden) January 10, 2024
The SEC’s approval for the Bitcoin ETF came about ten years after the Winklevoss twins first applied for it in 2013. However, the approval witnessed its fair share of drama as the regulator’s official X account was hacked a day before the decision, announcing a false approval. . Although the fake post was quickly deleted, it led to a momentary rise in Bitcoin prices and the liquidation of $90 million in long and short positions.
According to Standard Chartered analysts, Bitcoin ETFs could generate between $50 billion and $100 billion in the first year, while other analysts are conservative and expect inflows of around $55 billion over the course of the year. of the next five years. Galaxy Research’s head of digital, Alex Thorn, gave an expected inflow of $14 billion for the first year, while VanEck expects the figure to be around $2.4 billion in the first quarter. .
We are seeing a number of these prospectuses come into effect. S-1 approvals are being checked off.
✔️19b-4 Approvals
✔️ Effective prospectuses (S-1)These things will actually start to be negotiated tomorrow. No further steps are necessary pic.twitter.com/YmYyw8b0C9
–James Seyffart (@JSeyff) January 10, 2024
SEC chief speaks
In an official statement following the approval, SEC head Gary Gensler highlighted a court ruling against the regulator’s appeal against “the listing and trading of Grayscale’s proposed ETP.”
“I have often said that the Commission acts within the law and the way the courts interpret the law,” Gensler added. “The Commission’s action today concerns ETPs holding a non-security product, bitcoin. This should in no way indicate the Commission’s willingness to approve the standards for listing crypto asset securities. The approval also says nothing about the Commission’s view of the status of other crypto assets under the federal securities laws or the current non-compliance status of certain asset market participants. cryptographic transactions with the federal securities laws.
The Securities and Exchange Commission (SEC) yesterday (Wednesday) approved the application for Bitcoin exchange-traded funds (ETFs) from 11 companies in one go. Now, spot Bitcoin ETFs will be listed on US exchanges starting today (Thursday) and can be traded from a general brokerage account.
To approve the Bitcoin ETF, the SEC needed to approve both the S-1 (or S-3) and 19b-4 forms of issuers, including ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale . , Bitwise, Hashdex and Franklin Templeton.
With the rule change, Bitcoin ETF issuers can list their products on three US exchanges: NYSE Arca, Nasdaq and Cboe BZX. These exchanges can list a Bitcoin ETF today.
Before approval, applicants were required to submit amended S-1 applications, revealing fees for the product and other minute details.
“After careful consideration, the Commission finds that the proposals are consistent with the Exchange Act and the rules and regulations thereunder applicable to a national securities exchange,” said the official filing by the SEC note.
Today, a new chapter opens. The approval of Bitcoin ETF ushers in a new era.
Bitcoin is consolidating its role as a universally recognized financial asset in global financial systems. More than that, it shines even brighter as a beacon of change, with the power to sculpt a new…– Antoni Trenchev (@AntoniNexo) January 10, 2024
First listing Thursday
Bitwise, a crypto index and fund manager in the United States, has already announced plans to list its Bitwise Bitcoin ETF today, which will trade on NYSE Arca under the ticker BITB. Although there is a 0.2 percent management fee, it will not charge any fees for the first six months until assets under management reach $1 billion.
“We expect significant demand for Bitcoin ETFs like BITB,” said Hunter Horsley, CEO of Bitwise.
Other licensed Bitcoin issuers, many of which will also list and trade their products starting today, are also maintaining competitive fees. The world’s largest asset manager, BlackRock, will charge a 0.2% fee until the fund reaches $5 billion in assets under management. Ark 21Shares and VanEck will charge a 0.25% fee. Like Bitwise, Ark 21Shares will also waive all fees for the first six months until the fund reaches $1 billion in assets under management.
Meanwhile, Grayscale stands out as it plans to charge 1.5% fees to Bitcoin ETF investors, the highest among all approved issuers.
#Bitcoin ETFs were just (finally) approved for trading tomorrow, after ten years. Perhaps Congressional policy around cryptocurrency will improve once they realize it supports pension funds and retirement accounts.
-Edward Snowden (@Snowden) January 10, 2024
The SEC’s approval for the Bitcoin ETF came about ten years after the Winklevoss twins first applied for it in 2013. However, the approval witnessed its fair share of drama as the regulator’s official X account was hacked a day before the decision, announcing a false approval. . Although the fake post was quickly deleted, it led to a momentary rise in Bitcoin prices and the liquidation of $90 million in long and short positions.
According to Standard Chartered analysts, Bitcoin ETFs could generate between $50 billion and $100 billion in the first year, while other analysts are conservative and expect inflows of around $55 billion over the course of the year. of the next five years. Galaxy Research’s head of digital, Alex Thorn, gave an expected inflow of $14 billion for the first year, while VanEck expects the figure to be around $2.4 billion in the first quarter. .
We are seeing a number of these prospectuses come into effect. S-1 approvals are being checked off.
✔️19b-4 Approvals
✔️ Effective prospectuses (S-1)These things will actually start to be negotiated tomorrow. No further steps are necessary pic.twitter.com/YmYyw8b0C9
–James Seyffart (@JSeyff) January 10, 2024
SEC chief speaks
In an official statement following the approval, SEC head Gary Gensler highlighted a court ruling against the regulator’s appeal against “the listing and trading of Grayscale’s proposed ETP.”
“I have often said that the Commission acts within the law and the way the courts interpret the law,” Gensler added. “The Commission’s action today concerns ETPs holding a non-security product, bitcoin. This should in no way indicate the Commission’s willingness to approve the standards for listing crypto asset securities. The approval also says nothing about the Commission’s view of the status of other crypto assets under the federal securities laws or the current non-compliance status of certain asset market participants. cryptographic transactions with the federal securities laws.
[ad_2]
Source by [author_name]