US SEC Approves All 11 Bitcoin Spot ETF Applications
After a long wait, the U.S. Securities and Exchange Commission has approved all 11 applications for spot bitcoin ETFs from issuers. Grayscale Investments, a digital asset investment firm and one of the filers, has converted its Grayscale Bitcoin Trust into its new bitcoin spot ETF product. The other 10 issuers include BlackRock's iShares Bitcoin Trust, ARK 21Shares Bitcoin ETF, and WisdomTree Bitcoin Fund. The approval of spot-focused crypto ETFs allows investors and institutions to invest in crypto assets through a wrapper, giving them a regulated layer of protection. The D.C. Circuit Court of Appeals' ruling in favor of Grayscale against the SEC in the case of a bitcoin spot ETF in the Summer of 2023 was a critical milestone that brought about these approvals.
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