Cryptocurrencies like Bitcoin are on their way to being the next big thing or yesterday’s news. Their novelty makes it hard to tell which.

For better or worse, funds are being introduced that let investors capture the rewards and risks available in cryptocurrencies. Most are listed on foreign markets or aimed at so-called accredited investors, those with high incomes or substantial wealth, although the funds often have minimum investments of as little as $10,000 to $25,000.

Several firms have filed to sell specialty exchange-traded funds in the United States, but none have been approved yet. The Securities and Exchange Commission has cited “significant investor protection issues that need to be examined before sponsors begin offering these funds to retail investors.” The fund manager Van Eck and the software developer SolidX asked the S.E.C.

in early June for permission to offer an E.T.F. that addresses the agency’s concerns, partly by setting the share price so high, nearly $200,000, that small investors could not afford it.

That request is still pending. Get one month free for digital subscriptions. Read more from…

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