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U.S. Securities Commission approves Bitcoin spot ETF… Virtual assets can be bought and sold like stocks
Possibility of an influx of funds from individual investors… US Securities Commission: “Be cautious of investment risks”
The U.S. financial authorities approved the trading of a Bitcoin spot exchange-traded fund (ETF) for the first time in history. There is an analysis that the accessibility of virtual assets will increase significantly in the future, with Bitcoin transactions, which were previously only possible on virtual asset exchanges, becoming as easy as stock investments. Some say that virtual assets have become an opportunity to transform from ‘speculation’ to a means of ‘investment’.
On the 10th (local time), the U.S. Securities and Exchange Commission (SEC) approved the opening of Bitcoin spot ETF product trading by 11 asset management companies. SEC Chairman Gary Gensler said in a statement today, “Today, the Commission approved the listing and trading of a number of Bitcoin spot exchange-traded products (ETPs).” ETF is a product that lists index funds on an exchange so that they can be bought and sold like stocks, and ETP is a higher-level concept that includes both ETFs and ETNs (exchange-traded securities). An ETF based on Bitcoin futures has already been listed on global stock exchanges, including the United States, in 2021, and a Bitcoin spot ETF was also listed in Canada in the same year. However, this is the first time a spot ETF has been approved in the United States, a global financial center. Accordingly, it is expected that the 11 funds applied for by Blackrock and others will be traded in the market starting on the 11th.
Once spot ETF listing becomes possible, it is expected that many individual investors’ funds will flow into virtual assets as it will be possible to invest in Bitcoin with a regular stock account. Until now, if you wanted to invest in virtual currency, you had to open a virtual asset account through a separate coin exchange. However, in the future, a way has been opened to indirectly invest in Bitcoin like a general public offering fund through a listed ETF without holding Bitcoin directly. At a press conference on the 11th, Bank of Korea Governor Lee Chang-yong said, “Bitcoin appears to have established itself as an investment asset,” and added, “It is time to test how valuable and safe Bitcoin ETF is as an investment asset.” did. However, Bitcoin futures and spot ETFs are currently prohibited from listing and trading on the domestic stock market. It is also prohibited to invest in Bitcoin spot ETFs listed overseas through domestic securities firms.
Chairman Gensler indicated that the SEC’s strict regulation of virtual assets will continue, saying, “The committee’s decision today is limited to ETPs that hold Bitcoin, not securities,” and added, “Investors should be cautious about products linked to virtual assets, including Bitcoin.” “We must pay attention to the danger,” he warned.
On this day, the price of Bitcoin rose to the $47,500 level immediately after SEC approval, then fell, and then traded again at the $47,000 level when the first spot ETF trading began.
| Bitcoin Spot ETF |
| Exchange traded funds (ETFs) are products that list index funds on an exchange and allow them to be traded like stocks. Depending on the investment asset, they include stocks, bonds, and raw materials ETFs. Bitcoin Spot ETF refers to an ETF in which an asset manager purchases actual Bitcoin and manages it as an investment asset. |
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Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.