Yes to bitcoin-spot ETFs

Blistering rally: A man purchases bitcoin from a newly installed ATM in Boston, Massachusetts. The cryptocurrency, which sank 64% in 2022, more than doubled in 2023 in large part because of speculation that the SEC would eventually approve ETFs. — AFP

NEW YORK: US regulators for the first time approved exchange-traded funds (ETFs) that invest directly in bitcoin, a move heralded as a landmark event for the roughly US$1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond.

The Securities and Exchange Commission (SEC), whose three-part mandate includes investor protection, authorised funds from industry heavyweights BlackRock, Invesco and Fidelity to smaller competitors including Valkyrie to begin trading yesterday.