It finally happened…
The US SEC just gave the green light to 11 Bitcoin ETFs from firms, such as BlackRock, Ark Investments, Fidelity, Invesco, and VanEck.
All of which could now open the floodgates of interest in BTC.
Even better, Standard Chartered analysts say the “ETFs could draw $50 billion to $100 billion this year alone, potentially driving the price of bitcoin as high as $100,000,” as noted by Reuters. In short, there’s a good deal of excitement here.
Granted, SEC Chair Gary Gensler made it clear in a statement on the SEC’s website that the agency remains wary. “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” he wrote.
But that shouldn’t stop the interest these ETFs are likely to see.
Better, it’s sending mining stocks, and companies with substantial BTC holdings to the moon.
That includes the ProShares Bitcoin Strategy ETF (BITO), which we initially highlighted at $16. It’s now trading at $22 and still pushing higher.
Remember, if you believe the value of BTC will push higher, you can invest in the Pro Shares Bitcoin Strategy ETF (BITO). With an expense ratio of 0.95%, the ETF tracks the performance of spot Bitcoin. This one mimics the price of Bitcoin as closely as possible without investing in the cryptocurrency itself. As noted by Money, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency wallets and private keys.”
We also made mention of MicroStrategy (MSTR) on Oct. 23, as it traded at $348. Today, MSTR is up to $586. We also mentioned Marathon Digital (MARA), which ran from $8.75 to $26.80. Even Coinbase (COIN) is up about $6 in pre-market on the news.
In short, we could see big excitement moving forward on the US SEC news.