Stocks linked to cryptocurrencies fell Thursday, reversing early gains from the US financial regulator’s approval for exchange-traded funds that invest directly in Bitcoin.

The landmark decision by the US Securities and Exchange Commission on Wednesday came as a game-changer for the roughly $1.7 trillion digital-asset sector, broadening access to the largest cryptocurrency on Wall Street and beyond. The SEC’s decision authorized funds from the likes of BlackRock Inc., Invesco Ltd. and smaller competitors such as Valkyrie.