The Securities and Exchange Commission has approved the first spot bitcoin exchange-traded fund in a victory for the cryptocurrency world.
The SEC announced its approval on Wednesday. Some crypto analysts had expected that it would give the greenlight, and ahead of the decision, bitcoin and other cryptocurrencies had been growing in value as anticipation built.
The SEC approved 11 of the applications in a major win for bitcoin and crypto evangelists.
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” SEC Chairman Gary Gensler said in a statement. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
After the announcement of the approval, bitcoin was up slightly to $45,800.
The move will broaden exposure of bitcoin to more investors,