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SEC approves 11 spot Bitcoin ETFs

Kitco Media
By Jordan Finneseth
Published
Updated
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After Tuesday’s fake trial run, the Securities and Exchange Commission approved 11 spot Bitcoin (BTC) exchange-traded fund applications on Wednesday, setting the stage for the products to start trading on Thursday. 

 Balchunas was referencing the official PDF release from the SEC granting approval for the ETFs. 

While some have reported difficulty in accessing the document, causing confusion and hesitancy following Tuesday's fake announcement, Bloomberg Intelligence ETF analyst James Seyffart confirmed that he downloaded the document from the SEC’s website, and said, “Bitcoin ETFs Likely Approved by the SEC.”

According to the PDF: 

 

“This approval order is based on all of the Exchanges’ representations and descriptions in their respective amended filings, which the Commission has carefully evaluated as discussed above,” the filing said. “For the reasons set forth above, including the Commission’s correlation analysis, the Commission finds, pursuant to Section 19(b)(2) of the Exchange Act,85 that the Proposals are consistent with the requirements of the Exchange Act and the rules and regulations thereunder applicable to a national securities exchange, and in particular, with Section 6(b)(5) and Section 11A(a)(1)(C)(iii) of the Exchange Act.”

 

“IT IS THEREFORE ORDERED, pursuant to Section 19(b)(2) of the Exchange Act,87 that the Proposals (SR-NYSEARCA-2021-90; SR-NYSEARCA-2023-44; SR-NYSEARCA2023-58; SR-NASDAQ-2023-016; SR-NASDAQ-2023-019; SR-CboeBZX-2023-028; SRCboeBZX-2023-038; SR-CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023- 044; SR-CboeBZX-2023-072) be, and hereby are, approved on an accelerated basis. By the Commission.”

Kitco Media

Jordan Finneseth

Jordan Finneseth is a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market. Since that time, Jordan has worked as a content creator for multiple projects and as a crypto news journalist reporting on the latest developments within the cryptocurrency market. Jordan holds a Master of Science in Clinical/Counseling Psychology and a pair of Bachelor's degrees in Psychology and Environmental Health Science. You can reach out Jordan Finneseth at 1- 514.670.1372.

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