To The Moon

Over $4.6 billion changed hands across the Bitcoin fundsConverted GBTC registers most first day of ETF trading everThe first US ETFs that directly hold Bitcoin got off to a strong start, with billions

Bitcoin traded higher Thursday after the Securities and Exchange Commission gave the green light for the first-ever spot bitcoin ETFs to trade in the U.S., as expected.The cryptocurrency was last up m

Regulators have given the green light to the first U.S. exchange-traded funds that directly hold bitcoin. Crypto enthusiasts hope the new funds -- backed by asset managers such as BlackRock and Fidelity Investments -- will draw more mainstream investors into bitcoin.In many ways, the new ETFs are similar to the gold ETFs that emerged in the early 2000s and became a popular way to invest in the precious metal. Instead of buying physical bars of gold, investors could buy shares in a gold fund through their brokerage, just like buying stocks.Similarly, the new spot bitcoin ETFs are designed to make it easier to buy bitcoin. You won't need to set up a digital wallet and memorize your keys, and you won't need to create an account at a crypto exchange. You can just use the same brokerage account that you might already use to trade stocks, bonds and other ETFs.Suppose a stampede of investors buys shares of the bitcoin ETF. Seeing the upswell in demand, the authorize