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Two bitcoin “lite” equity ETFs have begun trading in the US and a third has been approved by the Securities and Exchange Commission as the regulator throws out a sop to investors calling for a bona fide bitcoin ETF.
The SEC has so far refused to approve any exchange traded funds that invest in the cryptocurrency itself, even though a slew of asset managers have applied to do so and similar vehicles are already up and running in Sweden, Switzerland, Jersey, Germany and Canada.
There is mounting speculation that it will approve one or more bitcoin futures ETFs following encouraging comments from Gary Gensler, chair of the SEC. However, this is unlikely to be imminent, with the regulator having pushed back the deadlines for its decisions on a quartet of futures ETFs, proposed by Global X,…