The U.S. Securities and Exchange Commission (SEC) has approved several spot Bitcoin exchange-traded funds (ETFs), marking a major milestone for the industry.

This move has been met with enthusiastic response from key industry figures, including Ripple CEO Brad Garlinghouse, who hailed the decision as a monumental step towards the legitimization of cryptocurrencies as an asset class. "The significance of this moment cannot be overstated," he said. 

A new era for crypto investing 

The approval of Bitcoin spot ETFs, including notable trusts is poised to transform the investment landscape. 

These ETFs provide a more accessible route for investors to gain exposure to Bitcoin by bypassing the complexities and risks associated with direct ownership of the cryptocurrency

Ripple CEO Brad Garlinghouse expressed optimism that this development would act as a catalyst for increased institutional investment and adoption. 

He anticipates a shift in focus from speculative trading to broader, real-world applications of cryptocurrency, further solidifying its position as a legitimate asset class.

As reported by U.Today, Steve McClurg, co-founder of Valkyrie Funds, hinted at the likelihood of Ethereum and XRP exchange-traded funds (ETFs) being approved following the launch of Bitcoin spot ETFs. McClurg believes the market is ready for such products.

Shattering records 

The newly approved ETFs are entering a competitive and potentially lucrative market. Bloomberg Intelligence reports that BlackRock’s US spot Bitcoin ETF may set a new record with a predicted $2 billion in assets on its first trading day. 

These funds are expected to attract substantial interest, with projections estimating as much as $4 billion in assets on the first day and the potential to amass $50 billion within two years.