A Comprehensive Timeline of Events Leading to the Approval of Bitcoin ETF in the United States

The Long Road to Approval

After years of waiting, the SEC has finally approved 11 spot Bitcoin exchange-traded funds (ETFs) for listing and trading on national exchanges in the United States. This decision marks a significant milestone in legitimizing the crypto asset class.

The First Application and Rejection

In 2013, the Winklevoss twins applied to launch a spot Bitcoin ETF, but their request was rejected by the SEC due to concerns about the maturity of bitcoin markets. Around the same time, Grayscale Investments also withdrew its application for a spot Bitcoin ETF.

The Grayscale Court Ruling

In 2023, Grayscale took the SEC to court after its application was rejected. A federal appeals judge ordered the SEC to reevaluate the application. Meanwhile, other asset managers like VanEck and Bitwise faced rejections and withdrawals of their own applications.

The False Approval

Before the landmark Grayscale ruling, several asset managers had filed applications for spot Bitcoin ETFs. However, on January 9, 2024, a tweet announcing the approval of all applications was posted from the SEC’s compromised account. The tweet turned out to be unauthorized and the products were not yet approved.

A Landmark Decision

Despite market volatility and speculation, the SEC officially approved the 11 spot Bitcoin ETFs on January 10. By the next day, trading had begun on multiple exchanges, resulting in $4 billion in volumes and 700,000 trades.

Hot Take: Spot Bitcoin ETFs Gain Approval

The long-awaited approval of spot Bitcoin ETFs by the SEC represents a significant milestone for the cryptocurrency industry. This decision provides greater legitimacy to crypto assets and opens up new opportunities for investors. With the launch of these ETFs, more individuals can now gain exposure to Bitcoin through traditional investment channels. The market response has been overwhelming, with billions of dollars in trading volumes within a day. It remains to be seen how these ETFs will perform in the long term, but for now, it’s clear that the demand for Bitcoin exposure is strong.