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The US regulator has approved exchange-traded funds (ETFs) that invest directly in Bitcoin, a landmark movement in the US financial market.
Sumit Gupta, Co-founder of CoinDCX, said, "The spot Bitcoin ETF is poised to streamline exposure for traditional players, paving the way for the influx of trillions in institutional capital. Leading institutions, including hedge funds, sovereign wealth funds, and registered investment advisors, are expected to play a pivotal role in propelling the unprecedented growth of ETFs."
The US Securities and Exchange Commission (SEC) has granted approval to major asset managers, including BlackRock and Fidelity, for the first-ever US-listed exchange-traded funds (ETFs) that track the price of bitcoin. These bitcoin ETFs allow mainstream financial institutions with trillions of dollars in assets under management to access the cryptocurrency asset class.
The US Securities and Exchange Commission's (SEC) decision on a Bitcoin ETF was overshadowed by a cybersecurity incident, as the SEC's Twitter account was compromised and a fake post claiming approval for the ETF caused a brief surge in Bitcoin's price.
A now-deleted post was published from the account stating that the regulator had approved a new investment product tracking the price of Bitcoin, or Bitcoin Exchange Traded Fund (ETF).