The United States has witnessed the commencement of trading for its first-ever spot Bitcoin exchange-traded fund (ETF), a day following its approval by the Securities and Exchange Commission (SEC). BlackRock’s iShares Bitcoin Trust, bearing the ticker symbol IBIT, initiated trading in the pre-market and has seen a rise of 22.25%, trading at $26.81. The iShares trust is listed on the Nasdaq exchange.
BlackRock is not alone in this venture. Grayscale’s Bitcoin Trust (GBTC) ETF also began trading in the pre-market. At the time of reporting, GBTC shares had increased by 2% during the pre-market trading hours. GBTC is listed on the New York Stock Exchange (NYSE).
Pre-market trading refers to the trading of assets before the markets open, essentially, before the regular market trading hours commence. This typically takes place between 8 am and 9:30 am ET. Traders often utilize pre-market movements to predict how markets might behave after they open.
In a significant ruling, the SEC approved the 19b-4 applications from ARK 21 Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton. This approval allows their spot Bitcoin ETFs to be listed and traded on various public exchanges.
However, it is important to note that the SEC did not ‘approve or endorse Bitcoin’ with the spot BTC ETF nod, as clarified by Gary Gensler. The official trading for all 11 approved spot BTC ETFs will commence when markets open on Jan. 11. The pre-market trading data for these ETFs appears bullish, indicating a new regulated investment avenue for U.S. investors.
The Bitcoin price remained relatively stable around the $46,000 mark before and after the approval of the first-ever spot BTC ETF. Interestingly, the BTC price had a more significant reaction to the false ETF approval news on Jan.9, when it rose as high as $48,000. Market experts suggest that the price might see more bullish action with the start of official trading, as analysts expect billions to flow into these ETFs. At the time of reporting, the Bitcoin price is trading above $46,500, with just a few hours remaining for the start of the official trading hours.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Gary Gensler |
| Companies | New York Stock Exchange, BlackRock, Grayscale, Nasdaq exchange, Securities and Exchange Commission |
| Currencies | Bitcoin |
| Securities | GBTC, IBIT |
