US SEC approves bitcoin ETFs in watershed for crypto market

The US securities regulator on Wednesday approved the first US-listed exchange traded funds (ETFs) to track bitcoin, its Chair Gary Gensler said, in a watershed for the world’s largest cryptocurrency and the broader crypto industry.

The US Securities and Exchange Commission approved 11 applications, including from BlackRock, Ark Investments, 21Shares, Fidelity, Invesco and VanEck, among others, according to a notice on its website. Some products are expected to begin trading as early as Thursday.

The products – a decade in the making – are a game-changer for bitcoin, offering institutional and retail investors exposure to the world’s largest cryptocurrency without directly holding it, and a major boost for a crypto industry beset by a string of scandals.