A community of bitcoin exchange-traded funds received approval from US securities regulators on Wednesday; this much-awaited move is predicted to have a positive impact for the cryptocurrency.
Plans to list 11 ETFs on major exchanges, such as the New York Stock Exchange, were authorized by regulators “on an urgent basis,” according to a 22-page ruling released by the Securities Commission.
ETFs allow investors to track changes in asset values without actually owning the actual assets because they are traded on public marketplaces.
Nonetheless, the funds themselves make investments in virtual money.
The approval of the exchange-traded products, or ETFs, which are similar to stocks or mutual funds in terms of being accessible to regular investors, “marks a turning point for the digital asset industry.