From Nasdaq, Inc.:

Spot bitcoin ETFs were approved in the U.S. with trading beginning Thursday morning: U.S. markets run by the NYSE, Cboe Global Markets and Nasdaq, aided by major trading firms trading at 4 a.m. ET. This will allow virtually any retail customer gain exposure to bitcoin’s price using their conventional brokerage apps and accounts and let traditional financial institutions invest without needing to go through crypto exchanges.

Cynthia Lo Bessette, head of digital asset management at Fidelity affirmed the ETF will give investors interested in digital assets more choices, different from the ones approved in 2021 in the U.S., bitcoin futures ETFs, which invest in derivatives, not the digital asset itself. Similarly, a spokesperson for Cboe Global Markets said the ETFs would give investors “a transparent and regulated” way to track bitcoin’s price, signifying a major step forward in establishing crypto as a tradeable asset class.

With 11 spot bitcoin ETFs funds being offered, liquidity providers spent months preparing, allowing the bitcoin market to remain efficient. Bitcoin’s spot market, bitcoin’s futures markets and the bitcoin futures ETFs will all aid the spot ETFs’ liquidity on day one.

David Mann noted it’s difficult to predict what inflows might look like in the first few days. He expects “a ton of excitement” on day one, but also a more gradual ramp up in interest and investments. BlackRock’s Mitchnick echoed this point, saying it would be a “long journey” after the launch for investors, with a journey of education and suitability conversations between advisers and clients.



Read more: Bitcoin ETFs: What to Expect on Day One