From Time Magazine:

The Securities and Exchange Commission approved spot Bitcoin ETFs for 11 issuers, including BlackRock and Grayscale, after several years of rejections. With trading set to begin on Thursday, major players from traditional finance and the crypto world, including Fidelity and ARK, are joining the race.

The approval of spot Bitcoin ETFs marks a historic milestone for the digital asset ecosystem in the United States, attracting major players and firms such as Fidelity, Grayscale, and Coinbase, who will handle the creation and redemption of ETF shares.

Onlookers were initially shocked by a tweet from the SEC’s official account announcing the approval of every Bitcoin ETF application, leading to fears of a false start. In a surprising move, SEC Chair Gary Gensler, a Democrat, voted in favor of the ETFs, not as an endorsement of Bitcoin but as a result of the approval process.

Grayscale and Franklin Templeton have received necessary regulatory approvals to begin offering spot Bitcoin ETFs, with Roger Bayston of Franklin Templeton expressing excitement at the approval and being at the forefront of providing U.S. investors with access to digital assets.

Lawmakers, including House Financial Services Committee chair Patrick McHenry and digital assets subcommittee chair French Hill, celebrated the approval of spot Bitcoin ETFs as a historic milestone for the future of the digital asset ecosystem in the United States. This approval opens new investment opportunities in the crypto world.



Read more: BlackRock and Grayscale among 11 firms approved for spot Bitcoin ETFs in long-awaited SEC decision