Bitcoin ETFs experienced a rocky start after their approval by the U.S. Securities and Exchange Commission (SEC), launching on the U.S. market with price setbacks. Despite official approval, trading is not open to all investors.
Last Wednesday, for the first time in the United States, the SEC approved investors to actively trade the new Bitcoin Spot ETFs on Thursday. High trading volumes were recorded. However, by the end of the day, most of these newly launched investment vehicles were significantly in the red. A prominent example is the “ARK 21Shares Bitcoin ETF Beneficial Interest”. This exchange-traded index fund, a joint product of U.S. investment firm ARK Invest and Swiss crypto pioneer 21Shares, suffered a setback of nearly 6.5 percent.
Ophelia Snyder, co-founder of Swiss fintech 21Shares, expressed great pleasure in an interview with finews.ch about the approval by the SEC. She emphasized that this is the result of two years of continuous work by their teams. Snyder was proud of the progress made.
Although the Bitcoin Spot ETFs are now officially approved, trading is not open to all investors. For example, U.S. fund giant Vanguard stated that the company will not allow its customers to trade these investment products. Rumors circulated that Swiss banking giant UBS and Wall Street giant Citigroup might possibly follow Vanguard’s example.
However, as reported by the crypto magazine “Coindesk”, UBS plans to allow trading of Bitcoin ETFs under certain conditions to some of its customers. These conditions include that UBS may not initiate the transactions and accounts with a lower risk tolerance will be excluded from this trading. A UBS spokesperson declined to comment.
On the other hand, Citigroup is currently offering its institutional clients access to the recently approved Bitcoin ETFs, both from an execution and asset management perspective, as confirmed by the Wall Street giant. It is reported that the bank is also considering these products for individual wealth clients.
With the recent approval in the U.S., some of the biggest names in the financial world are now offering Bitcoin Spot ETFs. These include industry giants such as Blackrock, Fidelity, and Invesco, who are entering this market.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇨🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ophelia Snyder |
| Companies | Invesco, SEC, ARK Invest, UBS, Citigroup, Blackrock, Fidelity, 21Shares, Vanguard |
| Currencies | Bitcoin |
| Securities | ARK 21Shares Bitcoin ETF Beneficial Interest |
