Companies • January 10, 2024, 6:09PM EST
Published 1 minute earlier on
Quick Take
- Coinbase, which is custodian to eight spot bitcoin ETFs, said the approval of the new instrument is “a watershed moment for the expansion of the cryptoeconomy.”
Cryptocurrency exchange Coinbase, which has long been at loggerheads with the Securities and Exchange Commission, cheered the regulator's decision to approve a host of spot bitcoin ETFs on Wednesday. "The SEC’s approval of 11 spot bitcoin ETFs, eight of which are partnered with Coinbase, is a watershed moment for the expansion of the cryptoeconomy," the company said in a blog post. "Spot bitcoin ETFs introduced by the world’s largest asset managers will unlock diversified pools of new investors to spur long-term growth and product innovation." Spot bitcoin ETFs using Coinbase as custodian. Image: The Block. After months of speculation and with a deadline looming, the SEC approved 11 spot bitcoin ETFs on Wednesday. Trading on the newly approved financial instruments that allow investors to wager on the price of bitcoin without having to own it directly is expected to start tomorrow. Traditional financial institutions like BlackRock and Grayscale are among the companies that are offering the exchange traded funds. Coinbase and the SEC have had their fair share of public battles, but in this case the cryptocurrency exchange appears pleased with the regulator's decision. "We should all be grateful to Grayscale for pushing back against the SEC’s arbitrary and capricious behavior, and clearing the way to get these spot Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
'Grateful to Grayscale'
BTC
+3.10%
ETFs over the finish line," Coinbase's Chief Legal Officer Paul Grewal posted to X following the regulator's decision.
About Author
RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.
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