New Bitcoin ETFs Now? Amid the Crypto Crackdown?
It’s been a brutal stretch for crypto. Almost $2 trillion of market value in cryptocurrencies has been wiped away since the market peak in late 2021. Major digital asset companies have collapsed amid allegations of fraud and market manipulation. US regulators are cracking down on many of the businesses still standing. But one corner of the market is suddenly garnering enthusiasm: Bitcoin exchange-traded funds.
Some of the biggest and most established names on Wall Street are filing or refiling applications with the US Securities and Exchange Commission in an attempt to be the first to release such a product. A Bitcoin ETF would invest in the cryptocurrency on behalf of its shareholders. In other words, investors could easily get direct exposure to crypto by going to their brokerage and buying shares the way they would a stock.
Source: Bloomberg
