Published on January 10, 2024 23:09 GMT+00:00edited on January 10, 2024 23:14 GMT+00:00

Cryptocurrency exchange Coinbase, which has long been at loggerheads with the Securities and Exchange Commission, cheered the regulator's decision to approve a host of spot bitcoin ETFs on Wednesday.

"The SEC’s approval of 11 spot bitcoin ETFs, eight of which are partnered with Coinbase, is a watershed moment for the expansion of the cryptoeconomy," the company said in a blog post. "Spot bitcoin ETFs introduced by the world’s largest asset managers will unlock diversified pools of new investors to spur long-term growth and product innovation."

'Grateful to Grayscale'

After months of speculation and with a deadline looming, the SEC approved 11 spot bitcoin ETFs on Wednesday. Trading on the newly approved financial …