In a landmark decision, the U.S. Securities and Exchange Commission (SEC) announced the approval of 11 spot Bitcoin exchange-traded funds (ETFs) on Wednesday. The news, however, was initially marred by a hacking incident involving the SEC‘s official Twitter account (X, formerly Twitter), which erroneously announced the approval a day prior.
The approved ETFs include offerings from prominent entities such as Grayscale, Bitwise, and Hashdex, signifying a significant step in bringing Bitcoin investment opportunities to both institutional and retail investors.
Grayscale, a major player in the cryptocurrency space, confirmed that it had received SEC approval to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The approval is expected to introduce heightened oversight, according to SEC Chairperson Gary Gensler, who cited a recent court decision involving Grayscale as a key factor influencing the regulatory decision.
Gensler expressed confidence that the approval would bring about a transformative shift in the Bitcoin landscape, offering investors a pathway to engage with the largest cryptocurrency globally without necessitating direct ownership.
As a result of this groundbreaking development, Bitcoin experienced a fractional increase in its last traded value, reaching $45,706. The cryptocurrency has demonstrated a remarkable 67% surge over the past three months, fueled by anticipation surrounding the awaited ETF approvals.
This regulatory endorsement is poised to reshape the investment landscape for Bitcoin, making it more accessible to a broader range of investors and potentially contributing to increased institutional participation in the cryptocurrency market.
