Crypto-Related Stocks Are Moving On Bitcoin ETF Approval: The Details

Several crypto-related stocks are moving after the bell Wednesday following accelerated spot Bitcoin BTC/USD ETF approval from the U.S. Securities and Exchange Commission.

What To Know: The SEC delayed its decision on several ETF submissions multiple times and repeatedly asked for changes to be made to applications. Several applicants introduced changes to their spot Bitcoin ETF submissions in recent months and many expected approval to come this week.

Following a head fake on Tuesday in which the SEC’s X account was compromised, the agency officially approved several ETF applications on an accelerated basis Wednesday.

“The Commission finds good cause, pursuant to Section 19(b)(2) of the Exchange Act, to approve the Proposals on an accelerated basis,” the SEC said.

Approved applications include Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, Hashdex Bitcoin ETF, iShares Bitcoin Trust, Valkyrie Bitcoin Fund, ARK 21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Fund and Franklin Bitcoin ETF.

“While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto,” said Gary Gensler, chair of the SEC.

The crypto markets are volatile following the SEC decision. Bitcoin was struggling to find direction at the time of writing, while other popular cryptos like Ethereum ETH/USD, Cardano ADA/USD and Dogecoin DOGE/USD were moving to the upside.

Several crypto-related stocks traded lower immediately following the approval before bouncing back. Bitcoin miners Marathon Digital Holdings MARA and Riot Platforms Inc RIOT both fell sharply on the news but were trading approximately flat at publication time. Coinbase Global Inc COIN and MicroStrategy Inc MSTR shares were both trading narrowly higher at last check.

See Also: SEC Confirms FBI Investigation Into Its Twitter Account Hack After False Bitcoin ETF Announcement

$BTC Price Action: Bitcoin was up 1.21% over a 24-hour period at $45,979 at the time of publication Wednesday, according to Benzinga Pro.

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