The Securities and Exchange Commission (SEC) has approved the first US-listed Bitcoin exchange-traded funds (ETFs), chairman Gary Gensler said Wednesday.
ETFs from Blackrock, Fidelity, Ark Investments, Invesco, 21Shares, VanEck and others got the green light from the SEC, according to the agency’s website. Some ETFs are expected to debut as soon as Thursday, according to reports.
The decision comes a day after a post on X from the SEC announcing the approval of Bitcoin ETFs was revealed to be the result of a hack.
Meanwhile, the price of Bitcoin jumped more than 1% Wednesday evening to $46,520.
Bitcoin ETFs are notable because they allow investors to invest in Bitcoin without holding any of the cryptocurrency itself.
Earlier this week, analysts at Standard Chartered analysts predicted Bitcoin ETFs could attract $50 billion to $100 billion in 2024, according to reports, driving the price of the cryptocurrency higher.
In fact, deVere Group CEO Nigel Green predicts the cryptocurrency could hit $60,000 this quarter.
“This approval by the financial regulator of the world’s largest economy is a landmark moment for Bitcoin and the wider crypto market and boosts prices in the long-term, even if there’s a sell-off in the near-term,” Green said.
“One of the primary catalysts for the anticipated surge in Bitcoin prices is the massive influx of capital that is expected to follow the approval of ETFs,” he added. “These investment vehicles provide a convenient and regulated avenue for both retail and institutional investors to gain exposure to Bitcoin without the complexities of managing private keys or navigating unregulated exchanges.