Regulators approve new bitcoin funds in move that could spur more investment in the digital currency

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The Securities and Exchange Commission has reluctantly approved trading of the first exchange-traded funds that hold bitcoin. But the agency said Wednesday that it is still deeply skeptical about cryptocurrencies and did not approve or endorse bitcoin in its decision. An exchange traded fund, or ETF, is an easy way to invest in assets or a group of assets, like gold, junk bonds or bitcoins, without having to buy the actual assets themselves. Cryptocurrency advocates hope the development thrusts the once niche and nerdy corner of the internet even further into the financial mainstream.