11 January 2024
In a landmark decision, the U.S. Securities and Exchange Commission (SEC) has approved applications for spot price Bitcoin exchange-traded funds (ETFs) from 11 issuers, signaling a new era for cryptocurrency. Among the approved are applications from major financial players like BlackRock, Fidelity, and Franklin Templeton. Additionally, the SEC has authorized the digital asset manager Grayscale to convert its Bitcoin trust into a spot Bitcoin ETF. This approval is particularly significant for Grayscale, with a spokesperson confirming their readiness to uplist GBTC to NYSE Arca. Fidelity is also finalizing the registration process for its Bitcoin ETF, working in close coordination with the SEC. This decision by the SEC has been eagerly awaited and is seen as a major boost to the cryptocurrency market.