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The U.S. Securities and Exchange Commission (SEC) on Wednesday approved the first U.S. exchange-traded fund (ETF) that tracks the price of bitcoin, in a major victory for the digital asset industry which has been trying for a decade to launch such a product Here are key events in the journey to approval:
2008-2020:
2008: Introduction of the concept of bitcoin by “Satoshi Nakamoto.”
2010: First retail transaction with 10,000 bitcoin for two Papa John’s pizzas.
2013: Winklevoss twins file the first spot bitcoin ETF application with the SEC. Grayscale Investments launches Bitcoin Investment Trust.
2016: Winklevoss brothers adjust their application multiple times. Grayscale files to convert its trust into a spot bitcoin ETF.
2017: SEC rejects Winklevoss application, citing immature bitcoin markets. Grayscale withdraws its first attempt.
2018: SEC rejects Winklevoss twins’ second application, citing inadequate controls on cryptocurrency exchanges.
2020: Grayscale transforms its trust into an SEC-reporting entity, becoming the first publicly traded bitcoin fund in the U.S.
2021:
First spot bitcoin ETF launches in Canada.
Gary Gensler replaces Jay Clayton as SEC Chair.
SEC approves ProShares Bitcoin Trust, the first U.S.-listed futures-based bitcoin ETF, accumulating $1 billion in assets.
Grayscale submits another spot bitcoin ETF application to the SEC.
2022:
SEC rejects spot bitcoin ETF applications from SkyBridge, Fidelity, Bitwise, and Grayscale.
Cryptocurrency companies, including FTX, file for bankruptcy amid market downturns.
2023:
May: ARK Investments files for a spot bitcoin ETF.
June: BlackRock files a spot bitcoin ETF application, influencing a surge in bitcoin prices.
August: Federal appeals court rules in favor of Grayscale against the SEC. Europe’s first spot bitcoin ETF begins trading.
October: SEC decides not to appeal the court’s ruling, requiring a reexamination of Grayscale’s application.
2024:
Jan. 10: SEC approves 11 spot bitcoin ETF proposals from BlackRock, Fidelity, VanEck, and others, marking a significant milestone for the cryptocurrency industry.
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