The U.S. Securities and Exchange Commission (SEC) has finally approved the first-ever Bitcoin exchange-traded funds (ETFs).

The U.S. Securities and Exchange Commission approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck, among others, according to a notice on its website.

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“It’s a huge positive for the institutionalization of bitcoin as an asset class,” said Andrew Bond, managing director and senior fintech analyst at Rosenblatt Securities. “The ETF approval will further legitimize bitcoin.”

Bitcoin was last up 3% at $47,300. The cryptocurrency has soared more than 70% in recent months on anticipation of an ETF, and hit its highest level since March 2022 earlier in the week.

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