Bitcoin investors are eagerly waiting for regulators to approve the first U.S. spot bitcoin exchange-traded fund, which could be significant for cryptocurrency investors, experts say. Last week, the price of bitcoin notched an 18-month high, climbing to $37,970, after BlackRock took first steps toward an ether ETF. The price of bitcoin has more than doubled since the start of 2023, but it’s still well below its November 2021 peak. At least nine asset management firms — including BlackRock, WisdomTree, Valkyrie and others — are waiting for Securities and Exchange Commission approval to issue a spot bitcoin ETF. Experts say the first approval could come early in 2024. More from ETF Strategist:3 big reasons exchange-traded funds went ‘mainstream’Here’s how to use ETFs in 3 popular investing strategiesETFs among top 3 products more popular since 2020 “For ETF investors, this would be the best product on the market,” said Bryan Armour, director of passive strategies research for North America at Morningstar. “All the other options right now have flaws to varying degrees.” Currently, U.S. investors can buy bitcoin futures ETFs, which own bitcoin futures contracts, or agreements to buy or sell the asset later for an agreed-upon price. The long-awaited bitcoin spot ETF would invest in the digital asset directly.
Spot Bitcoin ETF Approval By The SEC Is Approaching, Experts Say. What That Means For Investors – WorldNewsEra
