SEC Approves Spot Bitcoin ETFs, BTC Rises

2 min read

This article is for general information purposes only and isn’t intended to be financial product advice. You should always obtain your own independent advice before making any financial decisions. The Chainsaw and its contributors aren’t liable for any decisions based on this content.



The US Securities and Exchanges Commission (SEC) has approved spot Bitcoin ETFs for exchanges in the United States.

In a now-deleted webpage URL, some Bitcoin ETF hopefuls claim the SEC had uploaded—then removed—a PDF document detailing the Commission’s approval of the product. Fortunately, some managed to save a copy of the file before it was taken down.

This comes after yesterday’s news that the SEC falsely shared a post on X confirming the approval of spot Bitcoin ETFs, which sent Bitcoin’s market cap plunging US$300 million (AU$448 million).

However, SEC chair Gary Gensler has issued a statement confirming the approval of the spot Bitcoin ETFs, while cautioning the volatility of the asset.

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.

A Grayscale spokesperson also confirms that the company “has received necessary regulatory approvals to uplist GBTC to NYSE Arca.”

At the time of writing, Bitcoin’s price is seeing a slight increase. The cryptocurrency rose a little over 1% from around US$45,300 (AU$67,600) to around US$46,100 (AU$68,800).

Experts react to spot Bitcoin ETF news

Josh Gilbert, crypto market analyst for eToro, tells The Chainsaw: “ETF approval will bring long-desired institutional capital into the space and will grow trust within the industry. A simple way to view this is that the ETF is a bridge from traditional finance to bitcoin, something investors have wanted for a decade now,”

“The community belief is that, more than anything, Bitcoin ETFs are a major step forward in the wide-scale adoption of bitcoin, and after a prolonged bear market, an ETF approval would be a huge boost to investor morale,” Gilbert adds.

Binance General Manager for Australia Ben Rose says,”The approval illustrates a new level of acceptance, maturity and mainstreaming of the crypto market, providing the industry with more credibility and potential for further innovation.”

“Direct investment in Bitcoin and various regulated instruments will co-exist, enabling diverse investment strategies and catering to various risk profiles and preferences. This signals an exciting new era of adoption and legitimacy, not just for Bitcoin but also for the broader crypto space.”

Justin Arzadon, head of digital assets at Betashares says, “While regulators in many countries have approved spot Bitcoin ETFs, including Australia, none are bigger than the US.”

“While today is a positive one for the digital assets ecosystem, investors should not get ahead of themselves when it comes to allocations to the asset class. Digital assets remain highly volatile and as a result should only form a very small part of an overall portfolio.”