SEC Approves Bitcoin ETFs

Bitcoin ETFs are set to launch today after the SEC finally approved all 11 applicants. Here are the tickers of ALL of the Bitcoin ETFs:

• Grayscale: $GBTC

• ARK and 21Shares: $ARKB

• BlackRock (iShares): $IBTC

• Fidelity: $FBTC

• Franklin Templeton: $EZBC

• Bitwise: $BITB

• Hashdex: $DEFI

• Invesco Galaxy: $BTCO

• VanEck: $HODL

• Valkyrie: $BRRR

• WisdomTree: $BTCW

10 years after the first attempt to launch a Bitcoin ETF by the Winklevoss brothers, and 15 years to the day of the very first tweet about Bitcoin by the legendary cypherpunk Hal Finney, Bitcoin is stepping into the mainstream.

And it’s not before time either. Bitcoin has been the best performing asset class in the world over any time frame (greater than 1 year) since it’s inception (see top line in black)

This legitimises Bitcoin as an asset class and opens up trillions of dollars of AUM (assets under management) by professional fund managers, state pensions, corproates, and other institutions.

Together with the new ‘fair value’ accounting rules that were passed by FASB, it is now possible for Bitcoin to accelerate along the path of becoming a legitimate treasury reserve asset for corporates and institutions.

TL;DR - new money will flow into Bitcoin. Billions. Perhaps hundreds of billions, in due course. How much, and by when is anybody’s guess.

BlackRock is rumoured to have $2b lined up & ready to go for its Bitcoin ETF on day 1, which would make it the single biggest opening day and week for any ETF in history.

• Standard Chartered predicts $50-$100 Billion this year.

• Ex-BlackRock MD predicts up to $200 Billion in the “short-term”

• Bloomberg has a first day target of $4B.

How can this scale of new money fit into an asset class that has a market cap of $920 Billion? Especially with a base of psychopath investors who have not moved 76% of teh Bitcoin supply in more than 6 months?

The number must go up…A LOT!

BlackRock’s ETF already has $2m of trading volume and was up 24% pre-market. As I finish writing this we are barely 5 minutes from the opening of markets.

It’s going to be HUGE.
Enjoy the day and HODL!
Regardless of what happens today, there is a flood of money coming and mainstream adoption has started.

Enjoy the ride.

Cheers,
Archie