BLK - Investors Brace For Bitcoin ETF Decision

2024-01-10 10:07:54 ET

Investors around the world are eagerly awaiting approval later today of spot %Bitcoin () exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC).

The SEC faces a deadline of today (Jan. 10) to approve or reject the Bitcoin ETF applications of more than a dozen fund issuers, including %BlackRock (NYSE: BLK) and Fidelity.

However, the timing of the SEC’s decision has been complicated by the fact that the agency’s account on X was hacked on Jan. 9 and a post was made falsely claiming that the Wall Street regulator had approved the first Bitcoin ETF for the U.S. market.

The SEC has since made clear that it has not approved any Bitcoin ETFs.

“The SEC’s @SECGov X/Twitter account has been compromised. The unauthorized tweet regarding Bitcoin ETFs was not made by the SEC or its staff,” said the regulator in one of several statements it issued to clarify the matter.

Despite the drama caused by the social media hack, many analysts still expect the regulator to issue a decision today on spot Bitcoin ETFs.

While hopes are high among crypto investors and traders, it is not clear if the SEC will approve the spot Bitcoin ETFs.

The SEC has rejected previous Bitcoin ETF applications, claiming they would lack surveillance and be prone to market manipulation.

Bitcoin is currently trading at $44,900 U.S., up 158% over the past 12 months.