Bitcoin Surges as SEC Nears Approval of First Bitcoin ETFs
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The SEC appears close to approving the first Bitcoin ETFs, with a decision possible as early as January 10th. Several major issuers like Fidelity and Galaxy/Invesco have filed applications.
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Issuers recently provided details on fees and authorized participants. Fidelity set its fee at 0.39%, while Galaxy/Invesco will waive fees for 6 months.
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The SEC pushed for a cash redemption model where issuers handle Bitcoin buying/selling rather than authorized participants.
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Multiple major financial institutions like JPMorgan and Jane Street Capital were named as authorized participants.
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Bitcoin's price has rallied to nearly $46,000 ahead of potential ETF approval, its highest since April 2022.