Regulators approved proposals for 11 ETFs to list on leading exchanges, including the New York Stock Exchange, “on an accelerated basis,” the Securities and Exchange Commission said in a 22-page order.

Exchange-traded funds are traded on public markets, exposing investors to price movements in asset prices without taking direct ownership of the underlying assets.

The funds themselves, however, do invest in the digital currency.

The authorization of the ETFs – which are comparable to stocks or mutual funds as far as accessibility to everyday investors – “represents a pivotal juncture for the digital asset space, signifying a movement towards mainstream legitimacy and acceptance,” said Thomas Tang, vice president of investments at Ryze Labs.

“This development comes after years of regulatory scrutiny and market volatility, marking a notable shift in the perception and utilization of digital currencies,” Tang said.

“Bitcoin ETFs, by their existence within a regulated framework, will infuse a level of institutional credibility into the realm of digital assets.”

Initially launched in the 1990s, ETFs took off in the early 2000s by investors looking for a simple and low-cost way to take bets on stock indices, commodities, or a particular industrial sector.

According to consultancy Oliver Wyman, some $6.7 trillion were held globally in ETFs at the end of 2022.

Until Wednesday, investors seeking to invest in Bitcoin had to open an account on a cryptocurrency exchange and transact through a traditional medium of exchange, such as the dollar.

Wednesday’s action opens up trading on vehicles offered by mainstream financial houses such as Fidelity and BlackRock.