Bitcoin trading volumes surged on Thursday after the first 10 US exchange traded funds offering direct exposure to the world’s largest cryptocurrency made a long-awaited debut on stock exchanges.
Trading in the nine new ETFs and Grayscale Investments’ converted $28bn bitcoin trust exceeded $4bn across the New York Stock Exchange, Nasdaq and Cboe exchanges, a day after they received approvals from the Securities and Exchange Commission.
Hashdex, a Brazilian fund manager, had aimed to convert an existing futures product into a spot bitcoin ETF but was unable to do so on Thursday as the SEC continued to review the paperwork for its conversion.