Bitcoin ETFs take Wall Street by storm with historic debut

NEW YORK – Wall Street may be divided over crypto’s investment credentials but for Bitcoin brethren Thursday delivered validation: The first United States exchange-traded funds investing directly in the largest digital currency finally went live.

It was a much-anticipated debut that came a day after the US Securities and Exchange Commission (SEC) gave them the green light following a more than decade-long campaign by the digital-asset industry. 

The batch of almost a dozen funds — including offerings from investment powerhouses BlackRock Inc. and Fidelity Investments — got off to a strong start, with some US$4.6 billion of shares changing hands in a frenetic first day. Industry backers see the ETFs as the ultimate springboard for broader mainstream adoption by everyday investors and the catalyst for further gains.

“Easily the biggest splash in ETF history for a first day,” said Eric Balchunas, senior ETF analyst at Bloomberg Intelligence. “No matter where you lo