Spot Bitcoin ETFs Approved: Here’s How Crypto Executives Reacted
The US Securities and Exchange Commission (SEC) has finally approved a range of spot Bitcoin (BTC) exchange-traded fund (ETF) applications.
The decision comes more than a decade after the initial filing for a crypto-based ETF, a financial product designed to track the performance of various assets such as commodities and equities.
The newly approved ETFs will specifically track the spot market price of Bitcoin.
Wall Street giants such as BlackRock, Fidelity, and VanEck, alongside several native crypto firms, are among those bringing these ETFs to the market.
The approval of these products has the potential to attract significant capital inflows into Bitcoin (BTC), with many crypto executives expressing enthusiasm about their impact on the digital asset market.
“The significance of this moment cannot be overstated,” Ripple CEO Brad Garlinghouse said in a recent post on X (formerly Twitter).
“Congrats to all who have worked to get Bitcoin spot ETFs approved!” he wrote, adding that the news “is further legitimization of crypto as an asset class.”
“I expect this will be yet another catalyst for institutional investment / adoption, ideally leading the industry to focus outside primarily speculative to broader real-world use cases, underpinning that legitimization.”
The significance of this moment cannot be overstated.
Congrats to all who have worked to get Bitcoin spot ETFs approved!
Today’s news is further legitimization of crypto as an asset class. I expect this will be yet another catalyst for institutional investment / adoption,… https://t.co/3jlqQYm0Xl
— Brad Garlinghouse (@bgarlinghouse) January 10, 2024
Coinbase CEO Brian Armstrong and the platform’s cheif legal officer Paul Grewal both pointed out the
