David Edwards
Following the Securities and Exchange Commission’s groundbreaking decision to approve spot bitcoin ETFs on Wednesday, industry experts and analysts are unanimous in their belief that such products will significantly broaden access to this market for a wider range of investors.
The regulatory green light was given to proposals from major players such as BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Valkyrie, Invesco, WisdomTree, Franklin Templeton, and Hashdex, along with one each from Ark Invest and 21Shares, as detailed in Wednesday’s filing.
These funds are anticipated to hit the market shortly, with BlackRock, Grayscale, and Fidelity expressing their intentions to commence trading on Thursday in official statements. Dominik Rohe, head of the Americas for BlackRock’s iShares ETF business, emphasized the cost-effectiveness and convenience of accessing bitcoin through the iShares Bitcoin Trust (IBIT).
Bitwise’s Chief Investment Officer, Matt Hougan, shared his enthusiasm with a post, stating, “We’re so back.” Grayscale CEO Michael Sonnenshein expressed excitement about democratizing access to bitcoin through a U.S. regulated investment vehicle, while Cynthia Lo Bessette, head of digital asset management at Fidelity, highlighted the firm’s long-standing belief in the efficiency of a spot bitcoin ETF for exposure to this asset.
Fidelity’s positive engagement with the SEC over the years was acknowledged, with Cynthia Lo Bessette noting the approval as a signal of positive momentum for the industry and expanded choices for investors in the digital asset space.
Roger Bayston, head of digital assets at Franklin Templeton, expressed encouragement at the SEC’s decision, emphasizing the simplified means it provides for U.S. investors to allocate to cryptocurrencies. He emphasized the firm’s readiness to leverage its knowledge of blockchain ecosystems to introduce products like the Franklin Bitcoin ETF (EZBC) that contribute to a broader understanding and accessibility of digital assets.
Valkyrie CEO Leah Wald expressed readiness, stating that the firm is “locked and loaded.” While acknowledging ongoing testing processes, she emphasized Valkyrie’s meticulous approach to ensure seamless trading operations and overall efficiency.
