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The Guardian - AU
The Guardian - AU
Technology
Jonathan Yerushalmy

The SEC has approved bitcoin ETFs. What are they and what does it mean for investors?

SEC Bitcoin ETF Crypto United States the Securities and Exchange Commission
The Securities and Exchange Commission (SEC) has approved Bitcoin ETFs in the US.
The Securities and Exchange Commission (SEC) has approved Bitcoin ETFs in the US. An ‘unauthorised’ tweet from the SEC on Tuesday saw the approval announced a day early. Photograph: Chesnot/Getty Images

The US securities regulator has approved the first US-listed exchange traded funds (ETF) to track bitcoin, in a watershed moment for the world’s largest cryptocurrency and the broader crypto industry.

The announcement came at the end of a tumultuous 24 hours for the popular cryptocurrency, which saw a tweet sent from the account of the Securities and Exchange Commission (SEC) announcing the approval of the long-awaited ETFs on Tuesday, leading the price of bitcoin to spike by more than $1,000. Soon after, the SEC said its account had been “compromised” and that the tweet was “unauthorised”.

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