SEC gives bitcoin ETFs the green light | CNN Business
www.cnn.com
After a false start Tuesday, the Securities and Exchange Commission gave its approval Wednesday for some investment companies to offer “spot bitcoin” exchange-traded funds.

When I first read it I thought it was a scam. Blackrock is offering one of these, it’s legit. Why the hell are the SEC allowing it now in the year of our lord 2024? Is the growth machine really that stagnant that they need this?

brrrrrrrrrrrr

    • TrudeauCastroson [he/him]@hexbear.netOPEnglish
      8·
      10 months ago

      Collection of finance stuff (stocks, bonds, derivatives, currencies) that someone like Blackrock sells to you but they manage.

      These ones are tied to crypto currency markets, so it involves companies that do bitcoin stuff (like coinbase, or Nvidia who sell mining cards, or companies who do the mining). It’s so fund go up when crypto go up, fund go down when crypto down, but it’s not directly tied to bitcoin so it’s supposed to be less volatile.

      It’s usually cheaper to buy ETF shares because instead of buying whole shares, you’re buying a piece of a medley. And blackrock gets to manage more money (and steer the economy) and make themselves money off of what they think it makes sense to hold, and also make management fees.