Recent news surrounding Bitcoin and related developments with Florin21 via the 21 Roundup.
SEC Approves Bitcoin Spot ETF
The U.S. Securities and Exchange Commission (SEC) on Wednesday approved exchange-traded funds (ETFs) that track the price of Bitcoin. It has taken over 10 years to launch the ETF product and many see this as an important milestone for continued mainstream adoption of the asset.
https://www.reuters.com/technology/why-us-bitcoin-etf-is-game-changer-crypto-2024-01-10/
Bitcoin ETFs and the way forward.
With 11 Bitcoin spot ETFs now granted which began trading yesterday (11/1/24) issuers will be offering their products (with various fees for management) backed by Bitcoin stores.
CNBC provide a detailed overview of the process and what may lie ahead.
‘The most important moment in Bitcoin’s history’
Hunter Horsley, CEO of Bitwise, discusses the SEC’s approval of the first Spot Bitcoin ETFs.
Horsley comments on demand from customers and explains 88% of advisors indicated they wanted to wait until SEC approval before allocating.
He feels 1-5% of allocation to portfolios is a starting point for investment and the ruling is a major catalyst for Bitcoin.
Bitcoin ETFs (US) see $4.6 billion in volume in first day of trading
U.S.-listed bitcoin exchange-traded funds (ETFs) saw $4.6 billion worth of shares trade hands as of Thursday afternoon which is one of the highest launch days in history.
US bitcoin ETFs see $4.6 billion in volume in first day of trading | Reuters
Bitcoin Self Custody vs Spot ETF
Unlike a Bitcoin ETF, which offers indirect exposure to BTC, self-custodial solutions enable direct ownership of Bitcoin.
Goldman Sachs warned that investors should also be wary about potential drawbacks of an ETF.
“Investors do not own physical BTC, and rely on the ETF manager’s ability to effectively carry out the management strategy, which includes a number of risks,”
Florin21 offer a range of self custody solutions and tailored asset security which alleviate the third party risks.
https://cointelegraph.com/news/spot-bitcoin-etf-vs-self-custody
