Grayscale Investments CEO Michael Sonnenshein talks about Bitcoin’s performance and future innovation in the crypto space.
Bitcoin on Monday surpassed the $67,000 level last reached in November 2021 and continued its rally towards an all-time high.
The upward momentum comes as the cryptocurrency has become more accessible to investors after the Securities and Exchange Commission approved the first spot Bitcoin ETF earlier this year.
Bitcoin reached an intraday high of $68,999.99 on November 10, 2021.
The largest cryptocurrency by market capitalization is up more than 30% this year, outpacing the S&P 500’s nearly 8% rise.
The SEC’s approval of the first spot Bitcoin ETF on January 10 reignited sentiment towards cryptocurrencies.
How Bitcoin ETFS works
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BLK | BlackRock Co., Ltd. | 814.83 | +3.49 | +0.43% |
Soon after, 11 funds came to market, including BlackRock’s iShares Bitcoin Trust. The fund’s assets exceeded $10 billion by Monday. The company itself is the world’s largest asset management company with over $9 trillion in assets.
These ETFs allow investors to efficiently track the price of Bitcoin, where volatility and fluctuations are not uncommon. This gives registered financial advisors the option to offer assets to their clients. Additionally, Main Street investors can more easily purchase through traditional brokerage accounts.
Live Crypto Prices: FOXBUSINESS.COM
Other Bitcoin ETFs are offered by Ark Investments, WisdomTree, Fidelity, Van Eck, and Grayscale.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| ARKB | ARK 21SHARES Bitcoin ETF SHS BEN INT | 66.87 | +3.69 | +5.84% |
| FBTC | High-fidelity origin Bitcoin FD beneficial interest share | 58.45 | +3.26 | +5.91% |
| GBTC | Grayscale Bitcoin Trust BTC COM NPV | 59.56 | +3.29 | +5.84% |
| Hodor | Vanek Bitcoin TR NPV | 75.32 | +3.87 | +5.42% |
