The DMD Digest Trend Report
Week of January 22, 2024
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TOP NEWS 📰
SEC Approves 11 Bitcoin Exchange-Traded Funds
[Coindesk] Bitcoin ETFs Win SEC Approval, Bringing Easier Access to Biggest Cryptocurrency
The asset management industry has tried launching a spot bitcoin ETF for over a decade. Hopes are high they will lure more investors into crypto.
About a dozen companies, including BlackRock, Fidelity and Grayscale, sought to create bitcoin (BTC) ETFs. In recent days they've announced – and, in some cases, slashed – the fees they plan to charge investors, suggesting a fierce battle to win investors' money is ahead. These are spot ETFs, meaning they hold bitcoin itself, versus the already-approved bitcoin futures ETFs, which hold derivatives contracts tied to BTC.
The green light from the SEC follows many years of delays and outright rejections of numerous attempts to launch spot bitcoin ETFs. It also comes just a few months after the agency was handed a resounding loss in court. The D.C. Circuit Court of Appeals in August ruled the SEC was "arbitrary and capricious" in its decision to reject Grayscale's attempt to convert its roughly $26 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF.
In a statement, SEC Chair Gary Gensler pointed to a court loss in 2023 as part of its impetus to approve the dozen or so filings on Wednesday. [Read more …]
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FEATURED VIDEO | LINKED IN LIVE!
Don’t Invest in Bitcoin ETFs Until You Watch This
In a compelling episode of Tech Intersect, I had the pleasure of hosting JoAnn Holmes, Esq., a renowned expert in the Web3 Law and Strategy space. We delved into the groundbreaking approval of Bitcoin exchange-traded funds (ETFs) by the SEC, examining their role in the evolving digital asset landscape.
Our discussion covered the essentials of ETFs and Bitcoin, the different ETF providers, their fee structures, and the overall market impact. We also underscored the critical importance of financial education and empowerment in navigating these new investment waters.