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First Bitcoin ETFs approved by US regulators
Grayscale finally gets what it wants.
Fifteen years after the genesis block was mined(and after one false announcement), the US Securities and Exchange Commission approved Bitcoin exchange-traded funds. Crypto investors have been frothing about this — because in order to back their funds, the companies that issue ETFs will have to buy matching amounts of Bitcoin. Right now, the proxy for investing in cryptocurrency has been buying shares of crypto-focused companies such as Coinbase and MicroStrategy, which owns more than $8 billion of Bitcoin as of January.
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