Name: The SEC Just Regulated Bitcoin ETFs. Here’s What It Means for Cryptocurrencies.
Uploaded: 2024-01-19T10:30:00Z
Duration: 4 min 13 s
Description: With the SEC approving funds holding bitcoin for the very first time, billions of dollars are expected to flow into the market. WSJ’s Dion Rabouin explains why the largest asset manager on Wall Street is looking like a big winner and what it means for crypto going forward. Photo illustration: Noah Friedman/Storyblocks

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With the SEC approving funds holding bitcoin for the very first time, billions of dollars are expected to flow into the market. WSJ’s Dion Rabouin explains why the largest asset manager on Wall Street is looking like a big winner and what it means for crypto going forward. Photo illustration: Noah Friedman/Storyblocks

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The SEC Just Regulated Bitcoin ETFs. Here’s What It Means for Cryptocurrencies.

Dion: Many crypto enthusiasts rejoiced when the Securities and Exchange Commission gave companies a green light to sell exchange traded funds in the US that directly hold Bitcoin. In just a few days of trading, it became pretty clear who the big winners were. I'm going to tell you who's winning so far, why they're winning, and what this could mean for the future of crypto investment. Let's get into it. BlackRock, which boast more than $10 trillion of assets under management, was the big winner on the first few days of trading. BlackRock's iShares Bitcoin Trust ETF, known by the ticker IBIT, brought in almost $500 million and had more than $1.6 billion of trading volume in the first two days. According to Bloomberg Data, Fidelity's Bitcoin ETF had about $400 million in inflows and did about $1.1 billion in volume. The fund from Kathy Woods' ARC Investment Management had around $111 million of inflows and just under $450 million of trading volume. Other funds brought in just a fraction of BlackRock's haul. ETFs from companies like Valkyrie and WisdomTree each saw around $11 million of volume in their first two days of trading, as my colleague Jack Pitcher reported. Analysts predict that the firm that draws the most funds early will have an advantage to become the go-to Bitcoin ETF for institutional investors. Since there were nearly a dozen ETFs made available to the public the day after the SEC's decision, no company could get an advantage by being first, so asset managers almost universally cut their fees. BlackRock originally planned a management fee of 0.3% for its ETF, but after it was revealed that other managers were charging lower fees, they cut their fee to 0.25%, and they lowered it to 0.12% for the first year or until the fund holds more than $5 billion. In addition to the lower fee, BlackRock's IBIT holds around $500 million worth of Bitcoin. That's more Bitcoin than any other spot ETF, with the exception of the Grayscale Bitcoin Trust ETF. Investors favor funds that hold more assets because it makes it easier to buy and sell the fund. That's especially important with assets like crypto that can have big swings in price. Grayscale's ETF actually holds 50 times more Bitcoin than BlackRock's and has seen more than double the trading volume, but over the first two days of trading, those flows were all negative and investors pulled almost $600 million out according to Bloomberg's data. One big factor, Grayscale's ETF charges a fee that's six times higher than BlackRock's and most other spot Bitcoin ETFs. The numbers so far suggest that investors dislike fees more than they like large asset holdings. So what does this mean for the future of crypto investing? Having BlackRock as the primary Bitcoin ETF could make a big difference. First, it could mean a lot more Bitcoin buying. ETF asset managers need to buy and hold sufficient quantities of the underlying asset, so as more people buy their Bitcoin ETF, BlackRock will buy more Bitcoin, and with $10 trillion of assets under management, BlackRock has a lot of buying power. BlackRock and others have already started making a pitch to more traditional investors about why they should get into crypto. Bringing in traditional institutional investors who manage millions or even billions of dollars is a big part of why the fees are so low. To be profitable with fees below 0.3%, funds will need to bring in a lot of money, into the tens of billions of dollars, says Eric Balchunas, the Senior ETF analyst for Bloomberg's research arm. The most popular Bitcoin ETF also stands to bring in a new group of investors who haven't had a lot of exposure to traditional investing. That could be very profitable as those investors get older and invest more money in the future. Bitcoin ETFs could also create a dividing line between providers. Vanguard, like BlackRock, is known for its low cost investment vehicles, but Vanguard has said it won't offer access to the Bitcoin ETF on its platform. The big picture is that based on the early days of trading, BlackRock is looking well positioned to win a lot of benefits from the newly approved Bitcoin ETF. That could set them up to dominate Bitcoin and new digital assets that are approved by the SEC for years to come.