UPDATE: The US SEC has finally approved 11 Spot Bitcoin ETF applications on January 10, 2024! These ETFs tied to the spot price of Bitcoin commenced trading on January 11th. Over a decade after the first application was filed, the crypto market has reached a monumental turning point. Applications for the spot Bitcoin ETF got full approval from the SEC on January 10th and started trading on January 11th.

For months, the crypto community eagerly anticipated rulings on multiple spot bitcoin exchange-traded fund (ETF) applications currently under review by the U.S. Securities and Exchange Commission (SEC). Many anticipated that the SEC's advanced talks signaled potential Bitcoin Spot ETF approval, paving the way for broader investor engagement in the tightly regulated market.

Prior to the landmark approval, SEC Chairman Gary Gensler declined to offer any concrete timeline or plans regarding spot bitcoin exchange-traded fund (ETF) approvals. Several asset managers, including BlackRock and Fidelity, had been waiting patiently for the SEC to approve the first spot Bitcoin ETF. The companies have filed updated applications to meet SEC requirements.

Speculation was rampant. Some experts suggested that spot Bitcoin ETFs should be approved by the end of the year, but SEC chairman Gary Gensler remained tight-lipped when interviewed on the matter, maintaining the SEC's tradition of not commenting on ongoing application reviews. That silence has now broken with the historic approval.