The US Securities and Exchange Commission (SEC) has approved the first US-listed exchange-traded funds (ETFs) to track Bitcoin, marking a significant milestone for the crypto industry, Reuters reports.
The SEC greenlit 11 applications from companies like BlackRock, Ark Investments, Fidelity, Invesco, and VanEck, allowing them to offer ETFs tracking Bitcoin. The ETFs provide investors exposure to Bitcoin without directly holding the cryptocurrency, potentially drawing billions of dollars in investments.
The decision reflects a U-turn for the SEC, which had previously rejected Bitcoin ETFs due to manipulation concerns. SEC Chair Gary Gensler remains skeptical of Bitcoin and emphasized that the approval does not imply an endorsement of Bitcoin, reiterating its speculative and volatile nature.
