The US Securities and Exchange Commission has approved the first spot bitcoin exchange traded funds in a watershed moment that cryptocurrency enthusiasts are betting will draw new retail and institutional investors into the market.
The top American securities regulator granted permission on Wednesday to ETF sponsors ranging from established players such as BlackRock, Invesco and Fidelity to digitally focused newcomers including Grayscale and Ark Invest.
The first funds — which hold assets such as mutual funds but trade on exchanges like stocks and enjoy special tax treatment in the US — are expected to start trading as soon as Thursday morning.