The US Securities and Exchange Commission (SEC) has approved the first exchange-traded funds (ETFs) to track the price of bitcoin, in a landmark decision that could pave the way for more mainstream adoption of the cryptocurrency.

The SEC announced on Wednesday that it had approved 11 bitcoin ETFs, which will allow investors to buy and sell shares of funds that hold bitcoin without having to deal with the complexities and risks of owning the digital asset directly. The ETFs will be managed by some of the biggest names in the financial industry, such as BlackRock, Fidelity, Invesco, VanEck, and WisdomTree.

The approval of the bitcoin ETFs marks a significant shift in the SEC’s stance on cryptocurrencies, which it has previously rejected or delayed due to concerns over market manipulation, fraud, custody, and volatility. The SEC’s chairman, Gary Gensler, has been more open to the idea of crypto ETFs, especially those that are based on bitcoin futures contracts rather than spot prices.

However, the SEC also warned investors that investing in bitcoin ETFs still involves substantial risks, and that the agency does not endorse or approve bitcoin or any other cryptocurrency. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” Gensler said in a statement.

The approval of the bitcoin ETFs is expected to have a positive impact on the crypto market, as it will provide easier access and exposure to bitcoin for retail and institutional investors, as well as increase the liquidity and legitimacy of the cryptocurrency. Bitcoin’s price surged to a new all-time high of over $66,000 on Wednesday, following the news of the ETF approval.

The bitcoin ETFs are also likely to spur more innovation and competition in the crypto space, as more fund managers and crypto companies will seek to launch their own products and services to cater to the growing demand. Some analysts predict that the SEC will soon approve ETFs for other cryptocurrencies, such as ether, the second-largest by market capitalization.

The first bitcoin ETF to start trading in the US will be the ProShares Bitcoin Strategy ETF, which will begin on Thursday on the NYSE Arca exchange under the ticker BITO. The ETF will track the performance of bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), and will charge a 0.95% annual fee. Other bitcoin ETFs are expected to follow suit in the coming days and weeks.