{"id":"bitcoin-etfs","hidden":false,"ipfs":"QmYKzVzJARtxePPSUYwqENHAYirCY1TLYnWZLJhNP732bF","language":"en","transactionHash":"0x8d0609272435b4bfaef9c79920f2ac2c560636c217a22cbdd796d17603f812a7","created":"2023-08-28T10:43:19.698Z","updated":"2026-06-18T14:30:55.385Z","title":"Bitcoin ETFs","summary":"Bitcoin ETFs are exchange-traded funds that provide regulated exposure to Bitcoin’s price via traditional brokerage accounts; the first U.S. spot products were approved in January 2024 and similar structures later appeared in other markets.","content":"**Bitcoin ETFs** are exchange-traded funds that track the value of [Bitcoin](https://iq.wiki/wiki/bitcoin) and trade on traditional market exchanges rather than [cryptocurrency exchanges](https://iq.wiki/wiki/decentralized-exchange). They allow investors to gain regulated exposure to [Bitcoin](https://iq.wiki/wiki/bitcoin)’s price without using a [crypto](https://iq.wiki/wiki/cryptocurrency) exchange.[\\[1\\]](#cite-id-invxpsvjpqj)​[\\[7\\]](#cite-id-tmjtqfvxqc)​\n\nOn January 10, 2024, the SEC approved the first [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs in the United States. The U.S. Securities and Exchange Commission has approved 11 spot bitcoin exchange-traded funds, including those of [Grayscale](https://iq.wiki/wiki/grayscale), Bitwise, and Hashdex, according to a statement on Wednesday.[\\[16\\]](#cite-id-yb6gwz5wxw)​\n\n* [Grayscale](https://iq.wiki/wiki/grayscale) Bitcoin Trust\n* Bitwise Bitcoin ETF\n* Hashdex Bitcoin ETF\n* iShares Bitcoin Fund\n* Valkyrie Bitcoin Fund\n* ARK 21Shares Bitcoin ETF\n* Invesco Galaxy Bitcoin ETF\n* Vaneck Bitcoin Trust\n* WisdomTree Bitcoin Fund\n* Fidelity Wise Origin Bitcoin Fund\n* Franklin Bitcoin ETF\n\n## Overview\n\nIn an exchange-traded fund (ETF) that tracks stocks, the stocks are purchased by the fund. These are the fund's holdings, and the company that bought them offers fractionalized shares on exchanges.[\\[2\\]](#cite-id-raq5ebcfa7)​\n\nA [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF buys and holds [Bitcoin](https://iq.wiki/wiki/bitcoin), then offers fractional shares on an exchange for trading like a traditional ETF.[\\[2\\]](#cite-id-raq5ebcfa7)​ Since their U.S. launch in January 2024, spot [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs have become a major vehicle for institutional and retail exposure, with total U.S.-listed spot [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF assets exceeding $130 billion by mid-2025 and representing more than 6% of Bitcoin’s [market capitalization](https://iq.wiki/wiki/market-capitalization).[\\[34\\]](#cite-id-zrxan2h37)​\n\nAs Bitcoin's price rose above several thousand dollars, retail, and average investors lost the opportunity to invest in Bitcoin directly. Brokerages, responding to demand for investor access to Bitcoin, started to design Bitcoin exchange-traded funds.[\\[2\\]](#cite-id-raq5ebcfa7)​\n\nApplications with the Securities and Exchange Commission (SEC) for approval started in 2013 with the [Winklevoss brothers](https://iq.wiki/wiki/cameron-winklevoss).[\\[4\\]](#cite-id-0hjotm7mf5tk)​\n\n### Bitcoin Futures ETF\n\nA [Bitcoin](https://iq.wiki/wiki/bitcoin) futures ETF is an Exchange-Traded Fund that doesn't necessarily rely on actual [BTC](https://iq.wiki/wiki/bitcoin-btc) held in wallets. Instead, it employs [Bitcoin](https://iq.wiki/wiki/bitcoin) futures contracts as its foundational assets. The SEC has shown a preference for futures ETFs linked to the Chicago Mercantile Exchange’s (CME) [Bitcoin](https://iq.wiki/wiki/bitcoin) futures, which are regulated financial instruments.[\\[7\\]](#cite-id-tmjtqfvxqc)​\n\nIn this setup, a Bitcoin futures ETF utilizes the CME’s Bitcoin Reference Rate (BRR) for pricing, in contrast to the spot price. The primary distinction between a Bitcoin physical ETF and a Bitcoin futures ETF lies in the source from which their respective prices are determined.[\\[7\\]](#cite-id-tmjtqfvxqc)​\n\n### Bitcoin Futures Contract\n\nA futures contract is a standardized contract where two parties agree to exchange a specific quantity of assets on a specific day for a particular price. A [Bitcoin](https://iq.wiki/wiki/bitcoin) futures contract is an agreement between two parties to exchange a contract unit of [Bitcoin](https://iq.wiki/wiki/bitcoin).[\\[2\\]](#cite-id-raq5ebcfa7)​\n\nMany [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs hold futures contracts, which are derivative contracts to buy or sell an asset — in this case, Bitcoin — at some future date and at some agreed price. One example is ProShares Bitcoin [Strategy](https://iq.wiki/wiki/strategy) ETF (BITO), which was the first of its kind when it launched in October 2021.[\\[3\\]](#cite-id-hcv8rvibmx5)​\n\n### Benefits and Risks\n\n​[Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs offer access to [Bitcoin](https://iq.wiki/wiki/bitcoin) through standard brokerage and retirement accounts, without the need to open an account on a [cryptocurrency exchange](https://iq.wiki/wiki/decentralized-exchange) or manage private keys. They trade on regulated securities exchanges and are generally subject to existing fund- and securities-law oversight, including disclosure and custody requirements.[\\[2\\]](#cite-id-raq5ebcfa7)​[\\[3\\]](#cite-id-hcv8rvibmx5)​\n\nBecause they are structured as funds, Bitcoin ETFs can simplify tax reporting and portfolio allocation relative to holding Bitcoin directly. For some investors, this vehicle may also lower operational risks associated with self-custody, such as loss of access to wallets or mishandling of security practices.[\\[1\\]](#cite-id-invxpsvjpqj)​[\\[7\\]](#cite-id-tmjtqfvxqc)​\n\nHowever, Bitcoin ETFs can experience tracking error, where the fund’s performance diverges from the underlying Bitcoin price due to factors such as derivatives exposure, cash holdings, or operational frictions. Investors also bear management fees and other fund expenses, which can reduce returns over time compared with holding Bitcoin directly.[\\[2\\]](#cite-id-raq5ebcfa7)​\n\nAdditional risks include premiums or discounts to net asset value (NAV) in some fund structures, as well as regulatory and counterparty risks tied to custodians, authorized participants, and exchanges involved in the ETF’s operation. Changes in regulation or market structure affecting these intermediaries can influence ETF liquidity and trading conditions.[\\[3\\]](#cite-id-hcv8rvibmx5)​\n\n## Bitcoin ETF History\n\n### USA\n\nIn 2013, the Winklevoss twins, [Cameron](https://iq.wiki/wiki/cameron-winklevoss) and [Tyler Winklevoss](https://iq.wiki/wiki/tyler-winklevoss), filed the first U.S. [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF proposal with the SEC. The SEC later rejected this proposal and received proposals from multiple companies including a second Winklevoss Twin ETF in 2018, one from Bitwise, five from Direxion, two from GraniteShares, etc. The main arguments given by the SEC for the repeat rejections had been that the [Bitcoin](https://iq.wiki/wiki/bitcoin) market was too volatile, lacked sufficient surveillance, and was too easily manipulated.[\\[5\\]](#cite-id-jgfi84cwbx)​\n\nIn June 2023, BlackRock, an asset management firm, added its application to the bundle of [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF filings being reviewed by the SEC, creating renewed interest among investors in and out of the crypto space. The company later added a “surveillance-sharing agreement” with [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchange [Coinbase](https://iq.wiki/wiki/coinbase) following reports the SEC could be more open to accepting an ETF application under such conditions.[\\[6\\]](#cite-id-7t01l1kfoft)​\n\nUnder SEC guidelines, the federal regulator has the authority to delay ETF applications for up to 240 days — by opening them to public comment or otherwise — from the first filing in the Federal Register. This sets deadlines for Bitcoin ETF approval to early 2024.[\\[6\\]](#cite-id-7t01l1kfoft)​\n\nOn August 31, 2023, the SEC announced delays until October on deciding on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie [Digital Assets](https://iq.wiki/wiki/digital-assets).[\\[8\\]](#cite-id-78zj0ajqbje)​\n\nOn August 31, 2023, [Ark](https://iq.wiki/wiki/ark) Invest, an investment firm, in its report highlighted positive market trends in [Grayscale](https://iq.wiki/wiki/grayscale) Bitcoin Trust (GBTC), indicating increasing confidence in spot Bitcoin ETF approval. [Ark](https://iq.wiki/wiki/ark) Invest’s report attributed the rising price of GBTC to positive market sentiment following [Grayscale](https://iq.wiki/wiki/grayscale)’s recent court victory.[\\[9\\]](#cite-id-qwkq19z2xeg)​[\\[10\\]](#cite-id-lkp0ocbe5u)​\n\nOn August 29, the US Court of Appeals ruled that the SEC must review and reconsider the terms of its rejection of [Grayscale](https://iq.wiki/wiki/grayscale) Bitcoin Trust’s (GBTC’s) application to convert into a spot Bitcoin ETF. On that same day, [Ark](https://iq.wiki/wiki/ark) Invest noticed a favorable change in market activity.\n\n> “That day, GBTC’s discount- to-NAV increased from -24% to -18%, suggesting market optimism that the odds of a Bitcoin spot ETF in the short term have increased.”[\\[10\\]](#cite-id-lkp0ocbe5u)\n\nOn September 5, 2023, [Grayscale Investments](https://iq.wiki/wiki/grayscale) urged the U.S. SEC to quickly approve its proposed exchange-traded fund (ETF) that would track [bitcoin](https://iq.wiki/wiki/bitcoin), following the crypto asset manager's court victory against the agency.[\\[11\\]](#cite-id-ojhjvhutu8a)​\n\n> \"We hope you will agree that the best use of resources now is for the (SEC) to issue an order approving\" the product, \\[Grayscale] - ([https://iq.wiki/wiki/grayscale)'s](https://iq.wiki/wiki/grayscale\\)'s) law firm DavisPolk wrote in a letter which was filed with the SEC on September 5.[\\[11\\]](#cite-id-ojhjvhutu8a)\n\n[YOUTUBE@VID](1_RCqOFYSzE)\n\nOn October 13, 2023, after the initial rejection from the SEC, followed by the court ruling that the SEC was wrong to reject Grayscale, it was revealed that the SEC would not appeal the court's decision regarding Grayscale's spot Bitcoin ETF case. Following this news, the price of Bitcoin rose by 1 percent, and experts suggested that the SEC may be more inclined to approve spot Bitcoin ETFs.[\\[12\\]](#cite-id-qynz52apvhp)​[\\[13\\]](#cite-id-35o2sbbk1j6)​\n\nOn January 10, 2024, the SEC approved the first Bitcoin ETFs in the United States. The U.S. Securities and Exchange Commission has approved 11 spot bitcoin exchange-traded funds, including those of [Grayscale](https://iq.wiki/wiki/grayscale), Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, Vaneck, WisdomTree Fidelity, and Franklin Bitcoin ETFs.[\\[16\\]](#cite-id-yb6gwz5wxw)​[\\[17\\]](#cite-id-jm36by3d3vl)​\n\nFollowing these approvals, the U.S. spot Bitcoin ETF market expanded rapidly, with cumulative weekly net inflows exceeding $3 billion by early October 2025 and helping drive Bitcoin to a new all-time high above $125,000, led by strong demand for BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin ETF (FBTC).[\\[35\\]](#cite-id-n48adir4yo)​\n\n### Canada\n\nIn 2021, Canada’s financial regulator, the Ontario Securities Commission (OSC) approved the world’s first two bitcoin ETFs in quick succession. The Purpose [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF (BTCC) and the Evolve [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF (EBIT) are both physically settled ETFs.[\\[5\\]](#cite-id-jgfi84cwbx)​\n\n### China\n\nIn December 2023, the Hong Kong Securities and Futures Commission (SFC), in collaboration with the city's Monetary Authority, released a joint circular delineating the criteria for the approval of a spot [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchange-traded fund (ETF).[\\[14\\]](#cite-id-5fakvdfapts)​\n\nThe circular underscores that spot crypto investment products must meet the same requirements as set by Hong Kong regulators for mutual funds and other structured investment products. Product issuers are expected to have a good track record of regulatory compliance, employ at least one competent staff member with relevant experience in virtual assets, and follow a list of permitted tokens available for spot trading on approved crypto exchanges in Hong Kong. Additionally, products are not allowed to have leveraged exposure, and issuers must work with approved exchanges for trading and asset acquisition.[\\[14\\]](#cite-id-5fakvdfapts)​[\\[15\\]](#cite-id-r4qpxdxb9c)​\n\n### EU\n\nIn August 2021, French asset manager Melanion Capital won regulatory approval to launch an ETF tracking the price of [Bitcoin](https://iq.wiki/wiki/bitcoin) for investors across the European Union (EU). A fund would track a basket of up to 30 stocks with a 90% correlation to [Bitcoin](https://iq.wiki/wiki/bitcoin)'s price. The Melanion BTC Equities Universe Ucits ETF was determined by regulators to meet EU standards, known as \"undertakings for the collective investment in transferable securities\" (UCITS), meaning it would be available to investors across the [block](https://iq.wiki/wiki/block). The fund would track stocks such as [mining](https://iq.wiki/wiki/mining) firms Argo [Blockchain](https://iq.wiki/wiki/blockchain), Riot [Blockchain](https://iq.wiki/wiki/blockchain), and [Hive](https://iq.wiki/wiki/hive) [Blockchain](https://iq.wiki/wiki/blockchain) as well as crypto investment firm Arcane Crypto.[\\[28\\]](#cite-id-pjer7kk8gp9)​[\\[29\\]](#cite-id-mxvosafhq5)​[\\[30\\]](#cite-id-fwidznbw1fn)​\n\nMelanion mentioned in a comment to [CoinDesk](https://iq.wiki/wiki/coindesk):\n\n> While there have been many bitcoin-backed exchange-traded products listed in Europe, most European regulators apply a look-through approach, rendering them ineligible for most institutional investors due to their investment restrictions.[\\[28\\]](#cite-id-pjer7kk8gp9)\n\nThe weighting of the fund was determined by German fintech Bita, which provides software for the calculation of financial indexes and quantitative investment strategies. The fund was listed on Euronext in Paris on October 22, 2021, charging a fee of 0.75%.[\\[28\\]](#cite-id-pjer7kk8gp9)​[\\[30\\]](#cite-id-fwidznbw1fn)​\n\nBy 2025–2026, true UCITS-structured [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs remained constrained by diversification rules, but several physically backed Bitcoin ETPs were listed on venues such as Xetra and Euronext, including BlackRock’s iShares Bitcoin ETP and Amundi’s physically backed Bitcoin ETP.[\\[36\\]](#cite-id-jklblrdr7q)​\n\n### Other Jurisdictions\n\nOutside North America and the EU, several other markets developed spot [Bitcoin](https://iq.wiki/wiki/bitcoin) and broader crypto ETF offerings. Hong Kong launched its first spot [Bitcoin](https://iq.wiki/wiki/bitcoin) and Ether ETFs in April 2024 and, by August 2025, hosted nine crypto ETF products with total assets of more than HKD 2 billion on the Hong Kong Exchanges and Clearing (HKEX).[\\[36\\]](#cite-id-jklblrdr7q) Australia listed multiple spot Bitcoin ETFs on Cboe Australia and the Australian Securities Exchange (ASX), including products from Global X and Monochrome, with BlackRock entering in November 2025 via an iShares Bitcoin ETF on the ASX.[\\[36\\]](#cite-id-jklblrdr7q) Canada and Brazil were among the earliest jurisdictions to approve spot Bitcoin ETFs in 2021, with the Purpose Bitcoin ETF (BTCC) in Canada and QR Asset’s QBTC11 and Hashdex’s HASH11 on Brazil’s B3 exchange providing regulated access to Bitcoin before U.S. spot products launched.[\\[36\\]](#cite-id-jklblrdr7q)​\n\n### Bitcoin ETFs See Largest Inflows Since May\n\nOn July 3, 2025, U.S.-listed spot [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs recorded roughly $600 million in net inflows, the strongest single-day total in over a month, led by BlackRock's iShares [Bitcoin](https://iq.wiki/wiki/bitcoin) Trust (IBIT) and Fidelity's Wise Origin [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF (FBTC).[\\[33\\]](#cite-id-Ue48pQ48wp)​\n\nCommentators linked the strong inflows to factors such as macroeconomic conditions, evolving regulatory guidance, and continued institutional interest in regulated Bitcoin products. These factors were cited as possible drivers of renewed demand for U.S.-listed spot Bitcoin ETFs.[\\[33\\]](#cite-id-Ue48pQ48wp)​ By late September 2026, U.S. spot Bitcoin ETFs collectively held around $108 billion in assets with roughly $57 billion in cumulative net inflows since launch, and September 2026 alone saw net inflows of about $2.6 billion following several outflow months earlier in 2026.[\\[37\\]](#cite-id-7c8u2r61pd)​[\\[38\\]](#cite-id-wum4xghwxp)​\n## 2024 U.S. Spot ETF Approvals\n\nOn January 10, 2024, the SEC published an order approving the U.S.'s first spot [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs. The document declared effective the trading of spot [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs, including those of [Grayscale](https://iq.wiki/wiki/grayscale), Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, Vaneck, WisdomTree Fidelity, and Franklin [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs.[\\[16\\]](#cite-id-yb6gwz5wxw)​\n\nIn a statement, SEC Chair Gary Gensler mentioned:\n\n> Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares. First, sponsors of bitcoin ETPs will be required to provide full, fair, and truthful disclosure about the products. Second, these products will be listed and traded on registered national securities exchanges. Further, existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs. Third, Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.[\\[17\\]](#cite-id-jm36by3d3vl)\n\n> While we recognize the changing landscape, our decision to approve these products is confined to bitcoin ETPs and does not extend to other crypto asset securities or their legal status.[\\[17\\]](#cite-id-jm36by3d3vl)\n\nThe Chairman of the House Financial Services Committee, Patrick McHenry, and the Chairman of the [Digital Assets](https://iq.wiki/wiki/digital-assets), Financial Technology and Inclusion Subcommittee, French Hill, released a statement regarding the SEC's spot Bitcoin ETF approvals:\n\n> Today’s spot Bitcoin ETF approvals mark a historic milestone for the future of the digital asset ecosystem in the United States. While legislation to provide clarity and certainty for digital assets remains necessary, the steps taken today are a significant improvement over the SEC’s track record of regulation by enforcement. We are pleased that investors and our markets will finally be afforded greater access to this generational technology. We remain committed to enhancing consumer protection in the digital asset markets through comprehensive market structure and payment stablecoin legislation.[\\[22\\]](#cite-id-f1dqahh7o2)\n\nSEC Commissioner Hester Pierce commented:\n\n> Today marks the end of an unnecessary, but consequential, saga. More than ten years after the filing of the first spot bitcoin exchange-traded product (“ETP”) application, the Commission finally has approved multiple applications by exchanges to allow the listing and trading of spot bitcoin ETPs. \\[...] ETPs are an important innovation. Through them, investors can gain exposure to securities and non-securities, such as precious metals, in a convenient vehicle. Even if that exposure is available directly elsewhere, the ETP structure offers its own advantages. ETP shares trade continually on national stock exchanges at market prices, much as regular stocks do. By creating and redeeming shares of the fund, institutional traders, called authorized participants, help to maintain the price of these shares in line with the price of the assets in the investment pool. ETPs are accessible to investors and operate within the framework of the federal securities laws.[\\[23\\]](#cite-id-bt7bzgtlqu8)\n\nSEC Commissioner Mark Uyeda advocated his approval but expressed several concerns about the particular aspects of the order:\n\n> Today marks the Commission’s long-anticipated approval of applications to list and trade shares of spot bitcoin exchange-traded products (“ETPs”). While I concur with the approval of the spot bitcoin ETP applications under the standards set forth in Section 19(b)(2) of the Securities Exchange Act of 1934 (“Exchange Act”),  I have strong concerns with three aspects of the order (the “Approval Order”):1) The Approval Order improperly attempts to validate the application of the “significant size” test to spot bitcoin ETPs that was struck down by judicial review\\.2) The Approval Order invents a novel, previously unarticulated standard to form the basis for approval.3) The Approval Order disguises the Commission’s motivation for accelerating the approval of the applications, which is to prevent a first-mover advantage among spot bitcoin ETPs.[\\[32\\]](#cite-id-251f6u4y8m6)\n\nPublic statements from SEC commissioners indicate that Commissioner Caroline Crenshaw dissented from the approval of spot Bitcoin ETF listings. While Commissioner Jaime Lizárraga did not release any statement regarding the order, Commissioner Caroline Crenshaw sharply dissented from the approval in her statement:\n\n> Today the Securities and Exchange Commission approved a series of proposed rule changes that will allow for the listing and trading of bitcoin-based products on national securities exchanges. These Commission actions are unsound and ahistorical. And worse, they put us on a wayward path that could further sacrifice investor protection. I cannot agree that these actions serve either our statutory or foundational investor protection mandates and, as such, I dissent from today’s Order.[\\[31\\]](#cite-id-cn85pul0u)\n\n> I am concerned about what comes next – when new, potentially more speculative products bearing greater risks of investor harm seek to list, we will hear a chorus of well-heeled voices saying that the SEC’s hands are tied by the new standards that we have set. I fear that today we are setting ourselves up for tomorrow’s failure, and it will be the investors that we have a duty to protect who will ultimately pay the price.[\\[31\\]](#cite-id-cn85pul0u)\n\nBitwise, one of the first Bitcoin ETF issuers, stated that 10% of the profits of the Bitwise Bitcoin ETF (BITB) will be donated to Bitcoin open-source development, including organizations such as Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.[\\[25\\]](#cite-id-4eejlc0xxpu)​[\\[26\\]](#cite-id-knpda7ev0z)​[\\[27\\]](#cite-id-j3pzmzppc7q)​\n\n> Bitwise first filed for a spot bitcoin ETF 5 years ago. Today is a milestone we do not take lightly. Our vision and hope for $BITB is to be the ETF this space deserves.[\\[25\\]](#cite-id-4eejlc0xxpu)[\\[26\\]](#cite-id-knpda7ev0z)[\\[27\\]](#cite-id-j3pzmzppc7q)\n\nAccording to the announcement, Bitwise's donations \"have no strings attached and will be made annually for at least the next 10 years.\"[\\[26\\]](#cite-id-knpda7ev0z)​[\\[27\\]](#cite-id-j3pzmzppc7q)​\n\n## Approval Controversy\n\nOn January 10, 2024, the SEC initially published and then removed an order approving the U.S.'s first spot bitcoin ETFs. This acted as a confirmation of approval for all 11 spot [Bitcoin](https://iq.wiki/wiki/bitcoin) ETF applications. The applications were from Blackrock, Valkyrie, Franklin, Bitwise, Fidelity, Hashdex, [Ark](https://iq.wiki/wiki/ark) Invest, [Grayscale](https://iq.wiki/wiki/grayscale), WisdomTree, Van Eck, and Invesco Galaxy. A 22-page PDF approving exchange filings went live on the SEC website shortly before 4:00 p.m. ET Wednesday, though the link later led to a 404 page.[\\[24\\]](#cite-id-0nappztft6p9)​\n\nThe document later officially reappeared on the regulator's website.[\\[24\\]](#cite-id-0nappztft6p9)​\n\n### SEC X.com Account Hack\n\nPrior to the official release, on January 9, multiple news outlets published inaccurate information after the official X (formerly Twitter) account of the SEC posted a tweet claiming that the regulator had approved [Bitcoin](https://iq.wiki/wiki/bitcoin) ETFs for the first time. Approximately 15 minutes later, SEC Chair Gary Gensler said in an X post:\n\n> The 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.[\\[19\\]](#cite-id-e9haq2a76y7)\n\nVarious news outlets, including [Cointelegraph](https://iq.wiki/wiki/cointelegraph), Blockworks, and Reuters, had initially reported on the story from the SEC before Gensler’s statement.[\\[18\\]](#cite-id-e5im8h0idlm)​[\\[19\\]](#cite-id-e9haq2a76y7) The SEC also removed the initial tweet, commenting on the hack:\n\n> The X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.[\\[20\\]](#cite-id-m82g2r4zfjd)\n\nThe safety team at X (formerly Twitter) later revealed that the SEC did not have two-factor authentication (2FA) enabled on its main X account, allowing a hacker to gain access to it. The X report also stated:\n\n> We can confirm that the account was compromised and we have completed a preliminary investigation. Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the account through a third party. We can confirm that the account was compromised and we have completed a preliminary investigation.[\\[21\\]](#cite-id-7g7jh623rur)","recentActivity":"{\"items\":[{\"id\":\"82aaca14-1351-4ed7-a508-35547dbba92a\",\"title\":\"Bitcoin ETFs\",\"description\":\"Bitcoin ETFs are exchange-traded funds that track Bitcoin's value, allowing investors to invest in Bitcoin via traditional market exchanges rather than cryptocu...\",\"timestamp\":\"2026-06-02T18:23:22.327Z\",\"category\":\"glossary\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x212Cb3F4aE6611054637f9f78F18fB628AD258bb\",\"address\":\"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Linked Wikis\",\"subtitle\":\"Replaced one linked wiki entry with a different one\",\"variant\":\"modified\",\"changeCount\":2,\"changes\":[\"Removed linked wiki: id 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delays on spot bitcoin etf\",\"timestamp\":1694614276186},{\"id\":\"qwkq19z2xeg\",\"url\":\"https://beincrypto.com/ark-invest-bitcoin-etf-grayscale/\",\"description\":\"Bitcoin ETF Approval Confidence Is Growing: Ark Invest\",\"timestamp\":1694614906524},{\"id\":\"lkp0ocbe5u\",\"url\":\"https://ark-invest.com/wp-content/uploads/2023/09/The-Bitcoin-Monthly-August-2023-1.pdf\",\"description\":\"ark invest report\",\"timestamp\":1694615146820},{\"id\":\"ojhjvhutu8a\",\"url\":\"https://www.reuters.com/business/finance/grayscale-urges-us-sec-approve-spot-bitcoin-etf-following-court-victory-2023-09-05/\",\"description\":\"Grayscale urges U.S. SEC to approve spot bitcoin ETF following court victory\\n\",\"timestamp\":1694615605859},{\"id\":\"qynz52apvhp\",\"url\":\"https://www.reuters.com/markets/us/us-sec-does-not-plan-appeal-court-decision-grayscale-bitcoin-etf-source-2023-10-13/\",\"description\":\"Reuters on SEC not 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