In a bid to appeal to investors, many issuers slashed and offered waivers to their spot bitcoin ETF fees ahead of the SEC nod. It has been a long road for the approval of a spot bitcoin ETF in the United States.
What is a spot bitcoin ETF?
Spot bitcoin ETFs will help make investing in the cryptocurrency more accessible, bringing more investors and assets into the crypto space. Spot bitcoin exchange-traded funds (ETFs) are cleared to begin trading Thursday after receiving regulatory approval on Wednesday from the U.S. Securities and Exchange Commission (SEC).
When did bitcoin ETFs get approved by the SEC?
The journey began in 2013 when an entity affiliated with the Winklevoss twins sent the first application for such a financial product to the SEC. While that application was eventually rejected, bitcoin ETFs based on futures products were eventually approved by the SEC starting in 2021.
