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Quick Take
The implicit recognition of Bitcoin as a commodity by the Securities and Exchange Commission (SEC) marks a significant turning point for the digital asset. With the authorization of spot Bitcoin ETFs under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares, Bitcoin has ascended to the status of the second largest commodity in the U.S. by assets under management (AUM).
US Spot Bitcoin ETF: (Source: Capital15C)
The landscape of Bitcoin ETFs has rapidly expanded to encompass several spot Bitcoin ETFs, amassing a combined value of $27.9 billion, according to Capital15C. Fundamentally, this value equates to 647,651 Bitcoin, of which Grayscale holds approximately 600,000. The conversion of Grayscale to a spot Bitcoin ETF essentially solidified Bitcoin’s position on its own.
To put these figures in context, the ‘Broad Diversified’ asset class, previously the second-leading commodity in terms of assets under management (AUM), secures $12,826 billion across 22 ETFs. In third place, Silver trails with $11,546 billion held across 5 ETFs, according to etfdb.com.
The implicit recognition of Bitcoin as a commodity by the SEC demonstrates a noteworthy evolution in the perception and integration of digital assets in mainstream financial ethos. While Bitcoin is not currently present in the ETF list below, it would be ranked number 2 were it to be added in the future.
AUM Leaderboard: (Source: etfdb.com/etfs/commodity)
The post Bitcoin now second largest commodity ETF asset class in US, ahead of Silver appeared first on CryptoSlate.
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