For years, the U.S. Securities and Exchange Commission has been hesitant to approve a spot bitcoin ETF⦠BlackRock, one of the leading firms on Wall Street, simply by showing interest, helped to legitimize the effort and shows there is likely demand for such a product.
A bitcoin ETF is important because it would give a wider range of institutions the ability to gain exposure to BTC, by holding shares of BlackRock's iShares or WisdomTree's BTCW, for instance, rather than bitcoin directly.
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