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After more than ten years of Long March, Bitcoin spot ETF, January 10, 2024, this time it was really passed by the American SEC.
I don’t know if it is destined or just coincidence. On the same day 15 years ago, Bitcoin pioneer Halfini released the first tweet “Running Bitcoin” about Bitcoin.
As early as 2013, the WinkLevoss twin brothers began applying for Bitcoin spot ETF to the United States SEC, but during the more than ten years of more than ten years of encryption cycle, VANECK, Bitwise, Gray Invest, ARK Invest, etc.Coin spot ETF application, even the US SEC approved the Proshares Bitcoin Futures ETF in October 2021, but the US SEC has always rejected all Bitcoin spot ETF applications.
Until June 2023, traditional financial giants such as Belle and Fidelity joined the Bitcoin spot ETF application, and the historical process was greatly accelerated.On January 10, 2024, Bitcoin spot ETF obtained a historic breakthrough and was finally approved by the American SEC.
For more than 10 years, Bitcoin has shown up to traditional finance from holding high ideology to the entry into the room in the traditional financial system. On January 10, 2024, he witnessed the historic moment of Bitcoin and entered a new chapter.
Bitcoin spot ETF application: 10 years of long long journey
The application of Bitcoin spot ETF is a long journey that lasted more than 10 years, spanning multiple rounds of encryption cycles.
2013: Bitcoin spot ETF starts at the beginning
WinkLevoss Bitcoin Trust Fund: As early as 10 years ago, in July 2013, the Winklevoss twin brothers submitted the application for the US Bitcoin spot ETF “WinkLevoss Bitcoin Trust Fund” for the first time, which was subsequently rejected by the United States SEC.
After the 2017 encryption bull market, Bitcoin Futures was listed on the mainstream of the United States. With the increase of Bitcoin value and the experience of encrypted experience obtained by US financial institutions, financial institutions have begun to target the Bitcoin ETF.
Gray Bitcoin Trust GBTC: GBTC began fundraising as early as 2013. In 2016, he submitted an ETF application to the US SEC. In 2017, he had a dialogue with the US Securities and Exchange Commission most of the time.Apply.
The WinkLevoss brothers submitted a Bitcoin spot ETF application in March 2017 and were rejected by SEC in July of the same year.The reason why the US SEC refuses is that the lack of supervision in the Bitcoin market has caused “concerns about potential fraud or manipulation behavior and practices.”
VANECK BITCOIN TRUST: In August 2018, VANECK and Blockchain Technology Company SolidX cooperated to submit VANECK BITCOIN TRUST Bitcoin spot ETF application, which was rejected by SEC in September 2019.
Bitwise Bitcoin ETP Trust: In January 2019, Bitwise Asset Management submits an application for Bitcoin spot ETF.But because of SEC’s concerns, the application was withdrawn in January 2020.
Kryptoin Bitcoin Trust: Kryptoin, headquartered in Telawa, tried to apply for Bitcoin spot ETF for the first time in October 2019. It was planned to be listed on NYSE ARCA and was rejected by the US SEC at the end of the same year.
2021: Bitcoin spot ETF has gradually been recognized by the institution
In 2021, the encrypted bull market, with many US listed companies such as TESLA to buy Bitcoin or receive Bitcoin payment, Bitcoin has obtained more recognition from the world’s largest financial market in the world as an asset.There is a wave of small climax applications for Bitcoin spot ETF.
The first is Purpose Bitcoin ETF listed on the Toronto Stock Exchange, Purpose Investments launched the first bitcoin spot ETF product Purpose Bitcoin ETF in February 2021.
Valkyrie Bitcoin Fund: Asset management company Valkyrie submitted the first Bitcoin ETF application in January 2021.It was rejected by the US SEC at the end of 2021.But in early 2022, Valkyrie’s Bitcoin Mining ETF was successfully approved by SEC. Bitcoin mining ETF included Bitcoin mining companies such as Argo Blockchain, Bitfarms, Cleanspark, Hive Blockchain, and Stronghold Digital Mining.
Wisdomtree Bitcoin Trust: WISDOMTREE, an asset management company headquartered in New York, submitted an S-1 file to the SEC in March 2021, suggesting that the WISDOMTREE Bitcoin Trust was listed on the CBOE BZX Exchange. The stock code is BTCW.SEC rejected Wisdomtree’s application at the end of 2021.Wisdomtree launched a Bitcoin ETF on the Swiss SIX Exchange in 2019.
ARK21Shares ETF: In June 2021, ARK Invest, an investment company led by Wall Street Star Investor Cathie Wood, cooperated with the Swiss ETF provider 21Shares AG to submit an application for the ARK21Shares ETF and intends to conduct transactions on the CBOE BZX exchange. The stock code is ARKB.But he was rejected in early 2022.Ark Invest then re -applied immediately and was rejected again in January 2023.ARK Invest submitted file application again on April 25, 2023.
Bitwise bitcoin etp trust: Bitwise launched an application again in October 2021, and was rejected by the US SEC in November.The reason for the American SEC is that the CBOE BZX exchange “has not yet determined that other means are enough to prevent fraud and manipulation behavior and practice.”
Invesco Galaxy Bitcoin ETF: Galaxy Digital and Invesco jointly submitted a Bitcoin ETF on September 22, 2021, called Invesco Galaxy Bitcoin ETF, and was rejected again at the end of 2021.
Kryptoin Bitcoin Trust: In April 2021, Kryptoin tried to launch the Bitcoin ETF for the second time, which was also repeatedly delayed by the US SEC and the approval was repeatedly delayed. It refused to apply at the end of 2021.
Global X Bitcoin Trust: Global X Digital Assets submitted to the SEC to apply for Bitcoin spot ETF Global X Bitcoin trust in July 2021, intending to trade on the CBOE BZX exchange.The SEC has repeatedly delayed the delayed approval, and the application was rejected by the SEC in March 2022.
Gray Bitcoin Trust GBTC: In January 2020, Grayscale became an SEC report company.On November 29, 2021, GrayScale submitted the application to transform its GBTC into ETFEssence2In June 2, 2002, the US SEC refused to convert the gray Bitcoin Trust GBTC into an ETF application.EssenceThe two sides opened a tug -of -war for more than a year, and until August 2023 in August 2023, the grayscale victory in the United States SEC.
2023: a new wave of Bitcoin spot ETF wave
The first is that ARK 21SHARES launched the latest application in April 2023, and then in June 2023 Berlaide’s entry and August of August Victory US SEC case, ushered in the turnover point of Bitcoin spot ETF, witness the new Porte BitterCoin spot ETF wave.
Turning point: Bellaide’s admission, grayscale victory SEC case and downshift
In the history of Bitcoin spot ETF application, the turning point is three iconic events in the second half of 2023.
First, asset management giant Berlaide changes the attitude of Bitcoin.Bellaide CEO Larry Fink has changed the negative attitude towards Bitcoin before 2023, and acknowledges that BTC is a global asset that can “surpass any currency”.In June 2023 Berchide joined the Bitcoin spot ETF application for the battle.On June 15th, Pyrammar submitted the S-1 registration statement to the US SEC and officially launched its application for its Bitcoin spot ETF Ishares Bitcoin Trust.Berlaide’s spot Bitcoin ETF declaration is noticeable because Blackland has a nearly perfect record in obtaining ETF approval, 256 of 256 times successful.
Except for GrayScale, ARK 21Shares,,After applying for Bitcoin spot ETF after BlackRock, Bitwisevaneck, Wisdomtree, Invesco & Amp; Galaxy, Fidelity, Valkyrie, Global X, HashDex, Franklin, Pando or reorganized or newly joined the application for applying. Please ignite a new round of Bitcoin spot ETF boomEssence
Except GrayScale and ARK 21Shares other 11 Bitcoin spot ETFs applied after June 2023
Second, the gray degree is to say that the US SEC has achieved a significant victory.After the US SEC repeatedly refused to transform the grayscale Bitcoin trust into a Bitcoin ETF, the grayscale chose to sue the US SEC.On August 29, 2023, the Court of Appeal in Washington, USA, approved the gray petition of the court. The court believed that the US SEC took double standards on the spot and derivatives of Bitcoin, but it was impossible to explain the necessity of adopting this dual standard. Therefore, the court requested that the SECApplication for the spot ETF of the gray degree, it is required to review the application of the US SEC to refuse it to convert GBTC into the spot Bitcoin ETF.
Although in the second half of 2023, the US SEC still chose to make resolutions on the spot Bitcoin ETF on the deadline.However, for the two major reasons above, the market is generally expected that Bitcoin spot ETF will eventually be approved.
Therefore, in the second half of 2023, the crypto market repeatedly fry the spot of Bitcoin spot ETF.
A typical example is the COINTELEGRAPH fake news incident.
Cointelegraph fake news incident
On October 16, 2023, Cointelegraph released the false news “American SEC approved the Ishare Bitcoin spot ETF” and the news of many ETFs obtained stock code in DTCC.Dollar.
Although the news was fake at the time, it turned out that the market believed the news in advance.
three,US government surrenderThe largest trading of the crypto industry.On November 21, 2023, many departments such as the Ministry of Justice, the Ministry of Finance, and CFTC of the United States and the United States reached a reconciliation, and the fine of more than 4 billion US dollars was confession. The U.S. government can consider the Data of Binance and the supervisors.Although there are no US SECs in these departments, this represents partial supervision on the US government on the Bitcoin spot market.The main reason for the United States SEC to repeatedly reject Bitcoin spot ETF is that the Bitcoin spot market lacks supervision and market manipulation. After Binance is supervised by the US government, it may partially eliminate the doubts of the US SEC.At the same time, if the US SEC approves the Bitcoin spot ETF, it can even let Wall Street control the price power of the Bitcoin spot market.
Why did SEC not approve the spot ETF of Bitcoin before?
Compared with the launch of Bitcoin Futures ETF, the approval process of Bitcoin spot ETF can be described as long -lasting.
After the first Bitcoin Futures ETF was approved in October 2021, 5 Bitcoin Futures ETFs were allowed to be listed in the following year.But all Bitcoin spot ETF applications have been rejected.
According to the SEC’s previous rejection of a number of Bitcoin spot ETFs, the main reasons for rejection are:
I. Spot cryptocurrencies are mainly traded on non -regulatory trading platforms and are difficult to regulate. The spot market has long -term market manipulation problems.
This is also the main rhetoric of the American SEC’s repeated rejection of Bitcoin spot ETF.Bitcoin Futures ETF has less problems in this regard.First of all, Bitcoin Futures ETF tracking assets from CME Bitcoin futures. CME is regulated by CFTC and has higher compliance.Secondly, the secondary market of Bitcoin Futures ETF basic assets has higher maturity.CME is the largest derivative exchanges in the United States and even the world. Compared with the encrypted CEX, such as Binance, OKX, Coinbase, CME has established a complete trading system such as front, searcation, community, market and settlement, settlement, and settlement.According to Bitwise’s paper, CME’s Bitcoin futures market leads the spot market and is the main source of the global Bitcoin market price.
In terms of Bitcoin spot market, it has been greatly changed.In November 2023, the world’s largest exchanges and its CEOs pleaded guilty to the US government, and the US government could already obtain Binance data and supervise Binance.
2. The investment funds of BTC spot ETF contain pensions and pensions, pensions, etc., and the volatility of the encrypted market may lead to huge losses for investors.
3. Finally, the regulatory bill is different.Bitcoin Futures ETF is subject to the “1940 Investment Corporation Law”, which has strict requirements on the governance structure, information disclosure, liquidity and valuation, leverage, etc. of the fund issuer.However, the original intention and operating mechanism of the design of the ETF, so the Bitcoin Futures ETF listing transaction can quote the exemption regulations without the need to submit a certificate.The Bitcoin spot ETF is ruled by the “1934 Securities Trading Law”. According to Article 6 (B) (1) of the bill, the exchange needs to submit the 19B-4 form to explain the basic market of ETF to prevent fraud and resist price manipulation., To protect the interests of investors.
Bitcoin spot ETF application process and operating mechanism
According to the Bitcoin spot ETF application process on the SEC website, the SEC began to review the Bitcoin spot ETF on the Federal Communist Party after the Federal Communist Party was published on the Federal Communist Party.
The US SEC may be approved or vetoed at any time during the censorship period, or there are three deadlines to delay whether to accept or reject their applications.
These three deadlines (FIRST, Second, Third Deadline) are three public responses of SEC in the United States, with 45 days, 45 days, and 90 days, respectively.
Before the final approval or rejection decision, the longest resolution time of the US SEC can reach 240 days.
As for the detailed operating mechanism of Bitcoin spot ETF, please refer to the previous article “Here is a guide to the operation mechanism of Bitcoin spot ETF operation mechanism“
Historical Photo Future: Bitcoin ETF VS. Gold ETF
The crypto industry is more important to focus on Bianco’s spot ETF. One of the reason is that the launch of the hope that the Bitcoin spot ETF can make Bitcoin repeat the trend of the Gold ETF of that year.
Bitcoin has always been called “digital gold”.Bitcoin ETF is indeed a lot of similarities compared to the Gold ETF.Holding physical gold is difficult for many investors, and the custody of encrypted assets is also a challenge for many investors today.In addition, the convenience, low cost and trigger of publishers will attract new investors who have not previously participated in the gold or Bitcoin market.
The first Golden ETF was first launched in Australia in 2003.In 2004, the Golden ETF Street Tracks Gold Trust (GLD) logged in to the US capital market and was listed on the NYSE.Subsequently, gold experienced a round of 7 years.
Gold price source for 30 years:Goldprice.org
And how much funds will the Bitcoin spot ETF enter the Bitcoin market?The Galaxy report estimates that the first year after ETF was launched, US $ 14 billion will flow into the Bitcoin market. The scale will increase to US $ 27 billion in the second year, and in the third year after launch, it will increase to $ 39 billion.
Conclusion
It is no exaggeration to say that the application process of Bitcoin spot ETF for more than 10 years is also the process of Bitcoin from high -ideological resistance to traditional finance and integrating the traditional financial system through financial institutions.
Bitcoin deviates from the original intention, and Bitcoin enters the mainstream society.No matter what you think, now Bitcoin can indeed reach more usersEssence
What does Bitcoin bring to people? In the final analysis, what people think of Bitcoin.
Lord Akton once said, “If you do not make your mind in advance, a person cannot suddenly get freedom.”
The Bitcoin ETF is also. If you do not recognize the concepts behind Bitcoin, even if there are more Bitcoin users, Bitcoin is valuable, it may only go further and further.
