Spot bitcoin ETFs can start trading as SEC clears final hurdle

Spot bitcoin ETFs have received clearance from the SEC to start trading, marking a significant milestone in the approval process. S-1 forms for these ETFs have gone effective, allowing trading to commence as early as tomorrow. Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin have all had their 19b-4 forms approved simultaneously. Bitwise has announced that its Bitwise Bitcoin ETF (BITB) will start trading on January 11, with CEO Hunter Horsley expressing optimism about the demand for bitcoin ETFs. Chair Gary Gensler confirmed the approvals but advised caution due to the risks associated with cryptocurrencies. The Cboe BZX exchange and other ETF sponsors like Valkyrie and VanEck have also expressed their anticipation for trading to commence. It is estimated that these ETFs could attract millions to billions of dollars in inflows. Factors such as sponsor fees and discounts offered by issuers for early inflows may influence where funds flow. Applicants have addressed SEC concerns by filing amendments related to various aspects of their ETF applications, including creation and redemption models, authorized participants, and managing hard forks and airdrops.