US Spot Bitcoin ETF SEC Approval event
Overview
The US Securities and Exchange Commission authorised eleven spot bitcoin exchange-traded products on 10 January 2024, a reversal from its rejection of over twenty similar filings in the preceding ten years. The instruments commenced trading on 11 January 2024 and generated approximately $4.6 billion in turnover during their debut session.
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Questions on the record
When did the SEC approve spot bitcoin ETFs?
Eleven issuers received approval on 10 January 2024, with trading commencing the following day.
How did these differ from earlier bitcoin ETFs?
These products hold bitcoin directly, while prior US-approved ETFs were based on bitcoin futures contracts.
Did the SEC endorse bitcoin by approving them?
No — Chair Gary Gensler stated explicitly that the approval did not constitute an endorsement of bitcoin, and noted the decision followed a lengthy history of rejected applications.