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Breaking: SEC Gives Approval to Spot Bitcoin ETF, Opens Door for Trading

SEC's approval of 11 Bitcoin ETFs marks a pivotal moment in crypto regulation, fueling market interest and excitement.
Breaking: SEC Gives Approval to Spot Bitcoin ETF, Opens Door for Trading

https://coingape.com/spot-bitcoin-etf-total-btc-accumulation-tops-13-9b/https://coingape.com/bitcoin-and-ethereum-price-displays-conflicting-options-data/The SEC has accelerated the approval process of 11 spot Bitcoin Exchange-Traded Funds (ETFs). This development initially indicated in a now-inaccessible document on the SEC’s website, marks a significant step in accepting and regulating cryptocurrency assets.

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A Surge in Investor Interest Anticipated

The trading world is bracing for the impact of this decision, as substantial inflows of investment are anticipated. Valkyrie Investments projects an inflow of $200 million to $400 million into its ETF alone. Collectively, the market might witness $4 to $5 billion in inflows within the initial weeks. 

VanEck forecasts a $1 billion surge in the first few days, growing to $2.4 billion in a quarter. Galaxy Digital expects a $14 billion influx in the first year, while Bitwise projects the market for spot bitcoin ETFs to balloon to around $72 billion in five years.

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Bitcoin ETF Preparations: Issuers Line Up Seed Funding

In readiness for this new phase, issuers have lined up seed funding. VanEck leads with a $72.5 million investment in its ETF. Bitwise, with a $500,000 seed, has revised its S-1 form, and Pantera Capital expressed interest in a substantial $200 million investment. BlackRock’s proposed ETF is seeded with $10 million. 

This preparatory phase also witnessed a competitive battle over fees. Bitwise set the lowest bar, offering zero fees initially, followed by a 0.2% fee, a reduction from the previous 0.24%. BlackRock proposes a 0.2% fee for the first year or until the fund reaches $5 billion, adjusting to 0.3% thereafter. Fees across other ETFs vary, with some as high as 1.5%.

This decision by the SEC indicates a shift in the regulatory approach towards cryptocurrency. It follows a recent event where the SEC’s Twitter account was compromised, falsely announcing premature approval of bitcoin ETFs. However, the recent official approval reflects the SEC’s evolving stance on digital currencies.

Read Also: Spot Bitcoin ETF: Hashdex Jumps Last Minute Hoops Ahead of Historic Approval

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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