May 20, 2024
Debut US Spot Bitcoin ETF Soars Pre-Market
Latest Cryptocurrency News

US Bitcoin ETF Debuts with Strong Pre-Market Gains

The inaugural spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States is now trading in the pre-market, a day following its approval by the U.S. Securities and Exchange Commission (SEC). BlackRock’s iShares Bitcoin Trust, with the ticker symbol IBIT, has initiated pre-market trading, currently showing a 22.25% increase and trading at $26.81 on the Nasdaq exchange.

As of the latest update, IBIT has seen substantial pre-market trading activity, with a notable volume of $2 million worth of shares, according to Bloomberg senior ETF analyst Eric Balchunas. While this volume is considered significant for a standard ETF’s first full day, Balchunas advised caution, suggesting it may be influenced by BlackRock’s involvement.

In addition to BlackRock’s iShares Bitcoin Trust, Grayscale’s Bitcoin Trust (GBTC) ETF has also commenced pre-market trading, experiencing a 2% increase in shares during this period. GBTC is listed on the New York Stock Exchange. Pre-market trading, occurring between 8:00 am and 9:30 am Eastern Time, provides a preview of market movements before regular trading hours.

The SEC’s approval covered 19b-4 applications from various entities, including ARK 21 Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton, allowing their spot Bitcoin ETFs to be listed and traded on public exchanges. The official trading for all 11 approved spot BTC ETFs is scheduled to commence on January 11.

Despite the BTC price hovering around $46,000 before and after the ETF approval, market observers anticipate more bullish activity once official trading begins, with analysts expecting billions to flow into the ETFs. Currently, Bitcoin’s price stands above $46,500 shortly before the start of trading.

Photo by Alesia Kozik

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