#BlackRock and Valkyrie Investments have appointed brokers to invest cash in their proposed Bitcoin spot funds if they receive US regulatory approval, an important step in the competition for the first ETF to track the underlying cryptocurrency.
Bitcoin rose more than 150% in 2023 amid optimism that the Securities and Exchange Commission will finally approve an exchange-traded fund that invests directly in the oldest and largest cryptocurrency, rather than current products that rely on Bitcoin futures. Wall Street heavyweights, including Invesco, Franklin Templeton, and Fidelity, also applied for spot currency ETFs, and Grayscale Investments applied. Investments) with a request to convert Grayscale Bitcoin Trust into an exchange-traded fund.
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