Posted 1/11/2024, 3:01:00 PM
SEC Approves First Bitcoin Spot ETF, But Unclear If It Will Further Boost Bitcoin and Mining Stocks Near Record Highs
- SEC approved first US spot bitcoin ETF, seen as widely expected
- Unclear if it will drive more near-term upside for bitcoin and mining stocks or investors will "sell the news"
- JPMorgan thinks mining stocks due for a breather after big run, expects stocks to track bitcoin price
- Miners trading near record high valuations on revenue estimates, rotation out possible
- JPMorgan sees any mining stock sell-off as buying opportunity, ETF doesn't change mining economics