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CollectionsThe U.S. Bitcoin ETF Race

The U.S. Bitcoin ETF Race

Many firms have filed applications for a spot Bitcoin ETF in the U.S., but the Securities and Exchange Commission (SEC) has historically rejected all of them. That could be set to change in 2024.

CollectionLast updated Mar 8, 2024
Mar 8

What is a Bitcoin ETF? BlackRock and Grayscale’s Multi-Billion Dollar Investment Vehicle

Want to earn a free on-chain certificate showcasing your Bitcoin knowledge? Take our free course, Bitcoin Halving 101: What it Means for Miners and Investors. Many of the crypto-curious still view buying Bitcoin from a crypto exchange as an intimidating and opaque process. The technical aspects of holding Bitcoin—such as crypto wallets, Bitcoin addresses and private keys—are confusing to newcomers, and scare some investors away. All of this has intensified the appeal of a spot Bitcoin ETF, or ex...

ExplainersThe Landscape
9 min read
Ki Chong Tran, Robert Stevens, Daniel Roberts, Stephen Graves
Jan 19
Image: Franklin Templeton

‘You Can See the Demand Out There for Bitcoin’: Franklin Templeton CEO

Despite calling Bitcoin the greatest distraction from blockchain—which she described as one of the greatest disruptions in financial services—Franklin Templeton President and CEO Jenny Johnson said she's still on board. “A lot of people took that as I'm not a believer in Bitcoin,” Johnson told CNBC. “And yet, launching this ETF, you can see, obviously, the demand that's out there for Bitcoin, and I think there's a lot of reasons why that is.” As an example, she pointed to the increasingly preval...

NewsCoins
4 min read
Jason Nelson
Jan 14
SEC Chair Gary Gensler in 2013. Image: Third Way Think Tank (CC BY-NC-ND 2.0)

This Week on Crypto Twitter: The ETF Circus Comes to Town

Illustration by Mitchell Preffer for Decrypt It was the craziest week crypto has had in a long time. And that’s saying quite a lot.  After months of escalating anticipation, the crypto community entered this week expecting it to finally—after years of waiting—deliver the first approved spot Bitcoin ETFs in Wall Street’s history.  Nerves were at an all time high, with potentially trillions of dollars worth of asset exposure to Bitcoin on the line. Then, a full day before analysts predicted the ve...

NewsCoins
4 min read
Sander Lutz
Jan 11
An ETF is an exchange-traded fund. Image: Shutterstock.

These Are All the Bitcoin ETFs That Are Now Trading in the US

Since the first application for a U.S. Bitcoin exchange-traded fund was filed in 2013, a spot Bitcoin ETF has become something of a holy grail for the crypto community. And now it’s finally here. An ETF is a publicly traded investment vehicle that tracks the value of an underlying asset; in the case of a Bitcoin ETF, that asset is Bitcoin. Advocates for a Bitcoin ETF argue that the complexities of exchanges, crypto wallets, and private keys still present a daunting barrier to entry into the cryp...

Deep DivesLong Reads
9 min read
Stephen Graves, Andrew Hayward
Bitcoin ETF trading is off to a roaring start. Image: Shutterstock

Bitcoin ETFs Start With a Bang: $4.5 Billion on Day One of Trading

Day one for the newly minted spot Bitcoin ETFs is in the books—and it did not disappoint. The freshman BTC funds managed to clear $4.5 billion worth of volume and hit a few standout milestones. If that sounds like a big number, it’s because it is. Despite all the hullabaloo, market observers did not expect such a big debut across the board. “Even attaining $500 million in day-one inflows is a noteworthy challenge,” Adam Guren, co-founder of crypto hedge fund Hunting Hill Digital, told Decrypt in...

NewsMarkets
3 min read
Stacy Jones
Image created by Decrypt using AI

How to Buy a Bitcoin ETF

Now that the U.S. Securities and Exchange Commission has finally approved the first round of spot Bitcoin ETFs, investors are wondering how to get their hands on these new investment products. Exchange-traded products (ETP) cover a broad category of investment vehicles, which includes exchange-traded funds, commodities, and notes. But it’s often the case that the terms ETP and ETF get used interchangeably. An exchange-traded fund (ETF) is a type of investment traded on exchanges, much like stock...

NewsBusiness
6 min read
Jason Nelson
Image created by Decrypt using AI

Bitcoin ETFs Notch $1.9B in Trading Volume—But Merrill Lynch, Vanguard Won’t List

Bitcoin ETFs in the U.S. are off to a raucous start. It’s only midday, and already the 11 spot Bitcoin ETFs just yesterday approved by the SEC have combined for $1.9 billion worth of trading volume, exceeding analyst expectations. Despite spiking to nearly $49,000 just after markets opened in the U.S., Bitcoin was relatively subdued on Thursday. At the time of writing, it was changing hands at $46,610.54, according to CoinGecko. BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Orig...

NewsBusiness
5 min read
Stacy Jones
Ethereum is the second-largest cryptocurrency by market cap. Image: Shutterstock

Bitcoin ETFs Are Here—When Ethereum ETF?

The first step is always the hardest.  After years of repeated rejections, the Securities and Exchange Commission has finally approved its first spot Bitcoin ETFs—a seismic development that analysts say amounts to formally integrating Bitcoin with the global economy. It’s a historic achievement—one that finally provides a way for Wall Street retail investors to gain direct exposure to Bitcoin without the need to fuss with cryptocurrency exchanges or wallets. And it might not just be good for Bit...

NewsBusiness
4 min read
Sander Lutz
Jan 10
SEC Chair Gary Gensler. Image: Third Way Think Tank

‘Circumstances Have Changed’: Gary Gensler Relents on Bitcoin ETFs

In a statement announcing the approval of several spot Bitcoin ETFs, U.S. Securities and Exchange Commission chair Gary Gensler released a statement about the road to approval, using the unsually bright spotlight on his platform to again caution investors about investing in cryptocurrency. "I have often said that the Commission acts within the law and how the courts interpret the law,” Gensler said. “Beginning under Chair Jay Clayton in 2018 and through March 2023, the Commission disapproved mor...

NewsBusiness
4 min read
Jason Nelson
Image created by Decrypt using AI

Bitcoin Rebounds as Brokerages List ETF After Traders 'Sold the News' on Fake Approval

Bitcoin is on the way back up today as renewed ETF excitement fills the cryptosphere: various brokerages and exchanges are apparently beginning to list ETFs in anticipation of the SEC’s approval. By midday on Wednesday, investors started sharing screenshots of their brokerage accounts on eTrade and Fidelity showing that the tickers for several Bitcoin ETFs had already been added. To be clear: It’s not a sign that anything has yet been approved. But it’s telling that the brokerages feel confident...

NewsBusiness
4 min read
Stacy Jones
Source: Shutterstock

Bitcoin ETF Deadline Looms: It's 'All Systems Go', Say Analysts

Today is the day the U.S. Securities and Exchange Commission (SEC) will approve (or reject or delay) at least one of the 11 pending spot Bitcoin ETF applications—per its own deadline. "Most likely is we see formal approvals ballpark 4-6pm today with the Derby starting on Thursday," said Bloomberg Intelligence analyst Eric Balchunas, predicting that if funds are approved today they could be available as soon as when markets open on Thursday, January 11. He's one of the ETF analysts who's been clo...

NewsCoins
3 min read
Stacy Jones
Gary Gensler. Image: Shutterstock.

Gensler's ‘Compromised’ Bitcoin ETF Tweet Inscribed as an Ordinals NFT

It was the fake tweet heard ‘round the world. And now it's been immortalized on the Bitcoin blockchain. After U.S. Securities and Exchange Commissioner Gary Gensler confirmed that the Twitter account of the regulatory agency was compromised and used to falsely announce the approval of a spot Bitcoin ETF, someone archived Gensler’s response in an Ordinals Inscription. “Just so we don't forget, this tweet has been immortalized on Bitcoin forever,” digital artist Billy Restey tweeted. just so we d...

NewsNFTs
3 min read
Jason Nelson
Jan 9
PHOTO CREDIT: Unsplash

Bitcoin ETFs Will Not Be a ‘Winner-Take-All Market’: VanEck CEO

With the approval of spot Bitcoin ETFs imminent, the question now is when. Investment firm CEOs are confident the landmark decision will come down on Wednesday. On Tuesday, VanEck CEO Jan van Eck suggested that his firm’s Bitcoin ETF could start trading on Thursday, lending credence to speculation that the U.S. Securities and Exchange Commission will begin approving the various ETFs on Wednesday. “We have precedent... that's what happened with Ethereum futures ETFs," van Eck said during a panel...

NewsCoins
2 min read
Jason Nelson
The New York headquarters of Jane Street. Image: Jane Street/Matterport

Bitcoin ETF: These Are All the Authorized Participants

The Bitcoin spot ETF tea leaves have been read so aggressively they've been pulverized into dust. Nonetheless, there is a high level of confidence across the market that the much-anticipated new investment vehicle will be approved by the U.S. Securities and Exchange Commission any moment now—today, even. But while the names at the top of the applications are financial heavyweights—BlackRock, Fidelity, Grayscale, and so on—each must also designate an "authorized participant." An authorized partic...

NewsBusiness
4 min read
Ryan Ozawa
Bitcoin ETFs. Image: Shutterstock

SEC Provides Comments on Latest Bitcoin ETF Filings: Report

The U.S. Securities and Exchange Commission (SEC) has sent comments to prospective Bitcoin ETF issuers following a round of amended S-1 forms filed by hopefuls Monday. While the founder of blockchain trade association the Chamber of Digital Commerce, Perianne Boring, posted on Twitter that the move constituted a "delay signal," others disagreed. Bloomberg Intelligence analyst James Seyffart argued that wasn't necessarily the case. "Really this just shows how quickly the SEC is turning these thin...

NewsBusiness
3 min read
Stephen Graves
Jan 8
VanEck has applied for a Bitcoin ETF. Image: Shutterstock.

VanEck, Bitwise Prep Over $200 Million in Advance of Bitcoin ETF Approval

VanEck and Bitwise said the two investment firms are seeding their Bitcoin ETFs with $72.5 million and $500,000, respectively, according to S-1 documents filed with the SEC on Monday. S-1 forms disclose important information to the financial regulator, such as the company's business model, financial statements, details about its management team, and any legal or competitive risks. Seeding, or seed capital, refers to funds provided to launch an Exchange Traded Fund (ETF). While banks and broker-d...

NewsBusiness
3 min read
Jason Nelson
SEC Chair Gary Gensler. Image: Third Way Think Tank

Gary Gensler Again Warns Against Investing in Crypto as Market Awaits Bitcoin ETF

With at least 11 Bitcoin ETFs pending approval by the U.S. Securities and Exchange Commission, agency chair Gary Gensler warned investors about investing in cryptocurrency on Monday. “Those offering crypto asset investments/services may not be complying w/ applicable law, including federal securities laws,” Gensler wrote on Twitter. “Investors in crypto asset securities should understand they may be deprived of key info & other important protections in connection w/ their investment.” In Decembe...

NewsCoins
3 min read
Jason Nelson
Bitcoin is up. Image: Shutterstock

Bitcoin Reclaims $45,000 As ETF Hopefuls Make Final Filings

Bitcoin's price has hit $45,000 as the deadline for spot Bitcoin ETF hopefuls to file amended S-1 forms passes. Per data from CoinGecko, Bitcoin is trading up 1.7% on the day at just over $45,100. The price surge means that Bitcoin has erased losses sustained in last week's flash crash, as the crypto world waits with bated breath for the outcome of the U.S. Securities and Exchange Commission's (SEC) decision on whether or not to approve several applications for a spot Bitcoin ETF. After exchange...

NewsMarkets
2 min read
Stephen Graves
American investors are still waiting for a Bitcoin ETF. Image: Shutterstock

BlackRock, VanEck, WisdomTree Reveal Bitcoin ETF Fees in Amended S-1 Filings

Bitcoin ETF applicants BlackRock, VanEck and WisdomTree have revealed the fees for their proposed ETFs amid a flurry of amended S-1 form filings with the U.S. Securities and Exchange Commission (SEC). BlackRock has set its fee at 0.2% for the first year, or until the ETF reached $5 billion in assets, after which it will rise to 0.3%. WisdomTree has picked a higher 0.5% fee, while VanEck has opted for a 0.25% fee. VanEck last week pledged 5% of the profits from its proposed ETF to Bitcoin core de...

NewsBusiness
3 min read
Stephen Graves
Bitcoin ETF. Image: Shutterstock

Bitcoin ETF Approval Odds Raised to 95%: Bloomberg Analyst

An analyst for Bloomberg Intelligence has increased their estimation for the likelihood of a spot Bitcoin ETF being approved in January to 95%, as a window for the U.S. Securities and Exchange Commission's decision looms this week. In a tweet Saturday, Bloomberg Intelligence's ETF analyst Eric Balchunas said he would "probably go with 5% at this point" in reference to the likelihood of the SEC rejecting the spot Bitcoin ETF applications on its desk. That's a step up from Bloomberg Intelligence's...

NewsBusiness
3 min read
Stephen Graves
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