The cryptocurrency industry celebrates the historic listing of multiple spot Bitcoin exchange-traded funds, including Grayscale’s conversion of its US$27 billion Bitcoin trust into an ETF.
Grayscale’s ETF, along with others like BlackRock’s iShares Bitcoin Trust, began pre-market trading with significant gains, signaling a bullish outlook for these new regulated investment vehicles.
The introduction of these ETFs is expected to attract billions in investment and could potentially kick off a new bull market for Bitcoin. The trading debut of the ETFs followed a period of market volatility and high interest rates that dampened dealmaking, as well as a series of scandals such as the FTX fiasco and the Terra-Luna implosion.
Meanwhile, Valkyrie Investments Inc. has launched the Valkyrie Bitcoin Fund (NASDAQ: BRRR). The Nashville-based investment management firm, known for its digital asset expertise, announced the ETF’s availability today, emphasizing its commitment to providing sophisticated investment products without resorting to marketing gimmicks. The fund aims to simplify Bitcoin investment for institutions, advisors, and individual investors, with Valkyrie waiving the sponsor fees for the first three months of trading.
The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs in yesterday’s landmark decision.