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US bitcoin ETF trades soar to US$4.6 billion on first day after landmark SEC approval

  • Eleven spot bitcoin ETFs – including those from BlackRock, Grayscale and Fidelity – began trading in the US on Thursday
  • The ETF launches lifted the price of bitcoin up to its highest level since December 2021

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Representatives and guests from BlackRock ring the opening bell, as spot bitcoin spot ETFs began trading on the Nasdaq Exchange on Thursday. Photo: Getty Images/AFP
Reuters

US-listed spot bitcoin exchange-traded funds (ETFs) saw US$4.6 billion worth of shares trade hands as of Thursday afternoon, according to LSEG data, as investors jumped into the landmark products approved by the US securities regulator on Wednesday.

The products mark a watershed moment for the cryptocurrency industry that will test whether digital assets – still viewed by many professionals as risky – can gain broader acceptance as an investment.

Eleven spot bitcoin ETFs – including BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF, among others – began trading on Thursday morning, kicking off a fierce competition for market share.

Grayscale, BlackRock and Fidelity dominated trading volumes, the LSEG data showed.

“Trading volumes have been relatively strong for new ETF products,” said Todd Rosenbluth, strategist at VettaFi. “But this is a longer race than just a single day’s trading.

The Grayscale Bitcoin Trust ETF signage on the floor of the New York Stock Exchange. Photo: Bloomberg
The Grayscale Bitcoin Trust ETF signage on the floor of the New York Stock Exchange. Photo: Bloomberg
The green light from the US Securities and Exchange Commission (SEC) for the products finally came late on Wednesday, following a decade-long tussle with the crypto industry.
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