SEC Approval Was Huge for Bitcoin ETFs. But the World's Biggest Just Got a Far More Important Win.
After plunging in 2022, Bitcoin (CRYPTO: BTC) got its mojo back, more than doubling in 2023. The end of the crypto winter came in large part because of anticipation that the Securities and Exchange Commission (SEC) might finally grant approval to exchange-traded funds (ETFs) seeking to own Bitcoin directly.
Indeed, that optimistic scenario came to pass earlier this month. The SEC approved 11 different spot Bitcoin ETFs on Jan. 10, opening the door to a flood of new interest from investors who were wary about investing directly in the cryptocurrency themselves.
That was particularly important for the Grayscale Bitcoin Trust ETF (NYSEMKT: GBTC). The Grayscale Bitcoin investment vehicle had been in place for years as an unregistered fund for accredited and institutional investors through private placements.
Source Fool.com
