“The approval of these spot Bitcoin ETFs is a significant development in the growth and legitimacy of the crypto industry,” Coinbase stated in a blog post, expressing optimism for the potential benefits of these new ETFs.
The company also emphasized the involvement of major asset managers, which can bring new investors and drive long-term growth and innovation in the cryptoeconomy.
After much anticipation and discussion, the SEC finally approved 11 spot Bitcoin ETFs on Wednesday, with eight of them being partnered with Coinbase.
These financial instruments, which allow investors to bet on the price of Bitcoin without actually owning it, are set to begin trading tomorrow.
Players in the traditional financial industry, such as BlackRock and Grayscale, are also entering the market by offering their own exchange traded funds.
Despite past conflicts between Coinbase and the SEC, the cryptocurrency exchange expressed support for the regulator’s decision.
