Bitcoin Spot ETF Approved: SEC New Milestone

Bitcoin has finally迎来历史性时刻. The U.S. Securities and Exchange Commission (SEC) has officially approved the first batch of Bitcoin Spot ETFs to be listed in the United States. This marks an important intersection of crypto finance and traditional finance, allowing ordinary investors to access Bitcoin more conveniently.

The SEC has approved applications from 11 companies, including BlackRock, Ark Investments, and Fidelity. Some products are expected to begin trading as early as this Thursday. Analysts estimate that all these ETFs could raise up to $4 billion on their first trading day and $50 billion within two years.

SEC Chairman Gary Gensler emphasized that this approval is limited to ETPs holding Bitcoin, a non-security commodity, and does not imply a change in the SEC's stance towards other crypto assets. SEC Commissioner Hester Peirce expressed support for this decision, stating that it allows American investors to express their views on Bitcoin through ETFs. However, Commissioner Caroline Crenshaw opposed it, expressing concerns about the potential for fraud and manipulation in the Bitcoin spot market.

These products, developed over a decade, are believed to change the Bitcoin game. They allow institutional and retail investors to access Bitcoin without needing to hold it directly, providing a significant boost to the crypto industry. Analysts expect that this year, ETFs could attract between $50 billion and $100 billion in funds, potentially driving the price of Bitcoin to $100,000.

Before the approval, various applying institutions updated their documents multiple times to adjust ETF trading fees in order to stand out in the competition. Institutions like BlackRock iShares adopted an initial low fee strategy to attract investors. The level of fees is considered one of the key factors determining the popularity of ETFs.

The SEC stated in its announcement that the approval of these products is based on the court ruling's "most sustainable path forward." The SEC emphasized that this move does not represent an endorsement of Bitcoin, and investors must remain vigilant regarding the associated risks. The approved ETFs will require comprehensive disclosure, be listed for trading on regulated exchanges, and comply with relevant rules and conduct standards.

Overall, the approval of Bitcoin Spot ETFs is seen as an important milestone in the development of cryptocurrencies, but the SEC also reminds investors to be cautious about the risks associated with such products. As the first batch of ETFs is about to be listed for trading, the market will closely monitor their performance and impact on Bitcoin prices.