Spot Bitcoin ETF Approved, Set to Begin Trading on Thursday

The US SEC has approved 11 spot Bitcoin ETFs on Jan. 10, including applications from ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex and Franklin Templeton.

Bloomberg ETF analyst James Seyffart posted on X that several S-1 prospectuses are "going effective," meaning that spot Bitcoin ETFs could begin trading soon after. "There are no more steps needed," he said. "Everyone is gonna be ready for tomorrow."

Global fund manager VanEck previously estimated that roughly $2.4 billion would flow into spot Bitcoin products in the first quarter of 2024. Crypto Investment fund Bitwise predicted spot bitcoin ETF could capture $72 billion worth of assets under management within five year.