NEW YORK: Several exchange-traded funds (ETFs) tied to the spot price of bitcoin began trading in the US on Thursday in a landmark moment for the cryptocurrency industry that has been seeking regulatory approval for the financial product for over a decade.

The green light by the US Securities and Exchange Commission finally came late on Wednesday following months-long talks with top asset managers such as BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck.

The regulator approved 11 such ETFs, paving the way for popularizing investments in the world’s biggest crypotcurrency without the risk of holding the digital token directly.