Friday, January 12, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Approval. The SEC approved rule changes to allow spot bitcoin ETFs that will enable regular investors to easily access the cryptocurrency. Already, some 11 firms, including such majors as Grayscale, BlackRock, Fidelity, and Franklin Templeton, are readying ETFs for the market. We believe the approval will drive demand, and hence pricing, for bitcoin higher.
Offering More Exposure and Regulation. With the approval of the bitcoin ETFs, the SEC is allowing for more institutional and retail investors exposure in bitcoin. A scenario whereby financial advisors recommend an allocation of a bitcoin ETF to investor portfolios is not a stretch, in our view. New regulation aimed at eliminating fraud and normalizing crypto also could soon follow.
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