SEC approves spot bitcoin ETFs

The SEC has approved 11 spot bitcoin exchange-traded funds, the government agency said on Wednesday. The news comes one day after the SEC's X, formerly Twitter, account was hacked, announcing the same news.

The approval includes ETFs from Grayscale, Bitwise, and Hashdex, among others.

Grayscale confirmed it received approval from the SEC to convert its Grayscale Bitcoin Trust to a spot bitcoin ETF.

SEC Chairperson, Gary Gensler, said the Grayscale court decision prompted the approval. He added that the approval will bring more oversight.

The endorsement is seen revolutionizing the landscape for bitcoin, providing both institutional and retail investors with access to the largest cryptocurrency globally without the need for direct ownership.

Bitcoin last traded up fractionally to $45,706. It is up 67% over the last 3 months in anticipation of the ETF approvals.

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