New funds will make investing in bitcoin easier. Here’s what you need to know
ABC News
The U.S. for the first time has given the greenlight to almost a dozen exchange traded funds for bitcoins
NEW YORK -- Nearly a dozen new bitcoin funds are expected to begin trading Thursday after a seemingly divided U.S. regulators granted approval.
The new exchange-traded funds, or ETFs, will give investors an asset that closely tracks the price of bitcoin, providing those hesitant to buy actual bitcoins a lower bar to entry.
The Securities and Exchange Commission approved 11 funds from asset managers such as Blackrock, Invesco and Fidelity late Wednesday. The wave of approvals may work in your favor as fund managers seek to attract investors by competing on fees.
Besides being a win for the fund managers, the approvals are also a win for the cryptocurrency industry, which has needed a victory after nearly two years of turmoil, including the failure of several crypto firms, most notably FTX in November 2022.
The SEC's approval, however, was lukewarm at best. Gary Gensler, the agency's chairman, has repeatedly said cryptocurrencies need more regulation and investor protections.
