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Author: Admin | 2025-04-28
To grant Grayscale’s petition for review. While it did not guarantee an eventual listing of a Grayscale spot Bitcoin ETF, the ruling made the community hopeful that a spot Bitcoin ETF is on the way.In December 2023, there were many discussions between the SEC and the spot ETF applicants. By the start of January 2024, the ETF issuers had finalized the documents required for their spot Bitcoin ETF applications and awaited the SEC’s response.On Jan. 9, the SEC’s official X (Twitter) account published a post saying that the commission has approved the spot BTC ETF applications. However, SEC Chair Gary Gensler almost immediately refuted the announcement, saying that the SEC’s X account was compromised and clarifying that the SEC had not yet approved the listing and trading of the ETFs.The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.— Gary Gensler (@GaryGensler) January 9, 2024On Jan. 10, the Cboe BZX Exchange said in letters filed with the SEC that spot BTC ETF offerings from ARK 21Shares, Invesco Galaxy, Fidelity, VanEck, WisdomTree and Franklin Templeton have been approved. While the SEC’s full approval was still pending, Cboe’s letter fueled speculation that the SEC might simultaneously approve multiple offerings from asset managers.On the same day, the SEC finally approved the 19b-4 applications from asset managers ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex and Franklin Templeton. This paved the way for the first regulated spot Bitcoin ETF product in the United States. This allows investors to have direct exposure to Bitcoin without storing the asset in crypto wallets. On Jan. 11, the first spot Bitcoin ETF started trading with a volume of $2 million worth of shares in the pre-market and showed double-digit gains on the Nasdaq exchange.Magazine: SEC delays Ether ETFs, Binance settlement approved and another court loss for SBF: Hodler’s Digest
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