From Nasdaq.:

Exchange-traded funds (ETFs) tied to the spot price of bitcoin will start trading in the U.S., as the Securities and Exchange Commission has approved 11 such ETFs, including offerings from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck. This approval will enable a broader investor base to invest in Bitcoin, potentially reshaping the dynamics of cryptocurrency investments.

The approval of Bitcoin ETFs is expected to start an intense competition among issuers to secure market share. Analysts believe that bitcoin ETF flows will surpass $10 billion in 2024, aiming for $80 billion by next year. Leading asset managers are launching shared fees as low as 0.20% and waiving fees off for specific periods or until assets reach a certain amount.

With the approval of Bitcoin ETFs and the potential for substantial inflows, the market capitalization of bitcoin has exceeded $900 billion according to CoinGecko. Stocks related to cryptocurrency, such as bitcoin miners and exchanges, also surged in premarket trading after the news of ETF approval.

The SEC had previously rejected all spot Bitcoin ETFs on investor protection concerns but started to reconsider after a federal appeals court ruling. The approval of Bitcoin ETFs is expected to attract substantial inflows from institutions interested in entering the cryptocurrency market, following the surge in the market capitalization of bitcoin, which exceeds $900 billion.



Read more: Spot bitcoin ETFs to start trading in big boost to crypto industry