Following the landmark approvals granted on Wednesday, Spot Bitcoin ETFs officially begin trading this morning. Indeed, the 11 approved investment vehicles are set to begin this morning less than 24 hours after the US Securities and Exchange Commission (SEC) greenlit the products.
The industry-wide expectation was that trading would begin on Thursday, as most of the issuers had been preparing the product to start as soon as possible. Moreover, Bloomberg predicted the first trading day could bring in as much as $4 billion in Spot Bitcoin ETF Inflows.
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Spot Bitcoin ETF Trading Officially Begins
For much of the past several months, talk of Spot Bitcoin ETFs dominated the digital asset industry. Despite 11 years of rejections for the investment product, more than a dozen applications had been filed to bring it to life. Now, the SEC has turned course and greenlit the ETFs in a landmark decision.
Not even 24 hours later, all 11 Spot Bitcoin ETFs officially begin trading on Thursday morning. The development aligns with industry expectations as many issuers were preparing for post-acceptance. Moreover, the prevailing thought was that approval was a formality heading into the end of 2023.
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Some of the largest asset management firms on the planet are set to issue the investment vehicle. Among them are entities like FIdelity, Grayscale, and BlackRock. Subsequently, all eyes will be on how they perform. Bloomberg’s Eric Balchunas expects big things from the latter.
Specifically, Balchunas noted that BlackRock’s iShares Bitcoin Trust (IBIT) already has $2 million in shares traded. Additionally, he has spoken of the potential for the firm to break the one-day inflow record. They forecast the asset management firm could generate as much as $2 billion in the first trading day.
