The product marks a breakthrough in the cryptocurrency industry. It will test digital assets that many experts still consider risky. Is it widely accepted as an investment?
Eleven spot bitcoin ETFs opened Thursday morning trading, including the iShares Bitcoin Trust (IBIT.O), BlackRock's Grayscale Bitcoin Trust (GBTC.P) and the ARK 21Shares Bitcoin ETF (ARKB.Z). This marks the beginning of fierce competition for market share.
LSEG data shows that Greyscale, BlackRock and Fidelity funds dominate trading volume.
“Volume is very strong for new ETF products,” said VettaFi strategist Todd Rosenbluth.
A green light from the US Securities and Exchange Commission for these products. It finally arrived late on Wednesday. After a decade of fighting with the crypto industry
Some executives call bitcoin a high-risk investment, as does Vanguard, the largest mutual fund provider. It said the firm has no plans to make new spot bitcoin ETFs available to clients on its brokerage platform.
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