21Shares Celebrates $600M Success with Spot Bitcoin ETF Launch
In a recent Bloomberg interview on January 30, Ophelia Snyder, co-founder and president of 21Shares, expressed contentment with the performance of spot Bitcoin ETFs.
21Shares, in partnership with Ark Invest, successfully launched a spot Bitcoin ETF among those approved by the SEC on January 10.
Snyder highlighted the positive outcomes, noting over $600 million in assets attracted within the last few weeks. This success, she believes, diversifies the investor base, engaging advisors in the cryptocurrency sector.
Bloomberg reported total inflows across spot Bitcoin ETFs at $1 billion. Snyder defended the modest figure, citing the early market stage and the anticipated time needed for broader availability among advisors—approximately three months.
READ MORE: Bitcoin’s Potential Rally: New Patterns Spark Analyst Interest
Regarding spot Ethereum ETFs, Snyder acknowledged uncertainty about approval, emphasizing the need to evaluate arguments supporting spot Bitcoin products in the Ethereum context. Despite this uncertainty, she expressed optimism about potential approvals and the firm’s readiness to engage with regulators.
Diverse opinions on spot Ethereum ETF approvals surfaced, including a 47% probability by May 31 (Polymarket), a 60% chance in May (James Seyffart), and a 50% chance in May (JP Morgan). Standard Chartered Bank leaned towards a May approval, while TD Cowen considered a 2024 approval unlikely.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
