Global X welcomes SEC Approval of Spot Bitcoin ETF in US
Global X ETFs, a leading ETF product provider, welcomes the recent approval by the U.S. Securities and Exchange Commission (SEC) of spot bitcoin ETF applications. This decision not only reflects a significant milestone for the cryptocurrency sector but also signals a growing vote of confidence from regulatory authorities abroad.
Despite being available in several international markets, including Australia, the approval of spot Bitcoin ETFs in the U.S. has remained outstanding until now. Global X was the first provider to launch spot Bitcoin and Ethereum ETFs in the Asia Pacific region. The Global X 21Shares Bitcoin ETF (Cboe: EBTC) and Global X 21Shares Ethereum ETF (Cboe: EETH) remain the only spot cryptocurrency ETFs in Australia.
The funds track the performance of the price of Bitcoin and Ethereum respectively in AUD, before fees and expenses, and provides holders access to physical cryptocurrencies held in cold storage by Coinbase, the world’s largest custodian of cryptocurrencies. Investors can buy and sell the ETF on traditional stock exchanges, providing them with a regulated and accessible way to gain exposure to Bitcoin’s price movements without the complexities associated with direct ownership.
Evan Metcalf, Chief Executive of Global X ETFs in Australia, said, “The SEC’s approval affirms the maturation of the cryptocurrency space, strengthening its position as a legitimate and promising avenue for investors. This decision aligns with our vision of broader global acceptance of digital assets and addresses the escalating demand for investment opportunities in the cryptocurrency sector.
“It is encouraging to witness a growing recognition of digital assets as a legitimate investment class, and we anticipate heightened demand for this type of exposure from investors, particularly here in Australia. The notable rallies of Bitcoin and Ethereum this year further underscores this growth potential.
“ETF products such as our Global X 21Shares Ethereum ETF (EETH) and Global X 21Shares Bitcoin ETF (EBTC) offer Australian investors a secure and accessible means to tap into the potential gains of this sector.”