List of Bitcoin Spot ETF Applications and Their Development
Exchange-Traded Fund (ETF) Bitcoin spot has become a hot topic in the financial and crypto industries. The U.S. Securities and Exchange Commission (SEC) has yet to approve the spot Bitcoin ETF, which offers direct exposure to the price of Bitcoin.
This article will discuss the list of spot Bitcoin ETF application submissions and their recent developments.
Grayscale Investments
Grayscale, which manages over 600,000 BTC in the GBTC Bitcoin trust, began applying for the trust's conversion into a spot ETF in October 2021.
In June 2022 the conversion of GBTC into a spot Bitcoin ETF was rejected by the SEC, but in August 2023 this filing was accepted and reviewed. Furthermore, in November it resulted in an updated filing, showing the change of GBTC's ticker to BTC.
Ark21 Shares
Since 2021, Ark Invest and 21Shares have been active in the Bitcoin ETF race. Their initial proposal was rejected in March 2022, and a second attempt was rejected in January 2023.
A re-filing in April 2023 puts them ahead of competitors like BlackRock. The SEC is expected to rule on their latest application on January 10, 2024.
CEO Cathie Wood is optimistic, suggesting that multiple companies could receive approval simultaneously, and the ETF would trade on the Cboe BZK Exchange under the ticker ARKB.
BlackRock
BlackRock, which manages a $9 trillion fund, applied for a Bitcoin spot ETF called the iShares Bitcoin Trust on June 15, 2023.
This submission by BlackRock also made the crypto market cheer considering how big BlackRock is in the traditional finance industry. The impact of this filing also raised the price of Bitcoin to US$30,000 in June 2023.
In mid-July 2023, the SEC officially accepted BlackRock's Bitcoin spot ETF application, kicking off a three-week comment period. Furthermore, on October 18, BlackRock submitted an amended prospectus, acknowledging the competitive landscape for Bitcoin ETF approval and providing detailed insights into the pricing and reporting mechanisms of the proposed product.
In November, an SEC memo confirmed a meeting between BlackRock and regulators, focusing on whether investment vehicles would adopt an "in-kind redemption model" or "cash". BlackRock's Bitcoin ETF approval deadline will occur on January 15, 2024.
Bitwise
Originally filing for a spot Bitcoin ETF in October 2019, Bitwise faced SEC rejection due to legal noncompliance. In 2021, they filed again, opting for Bitcoin trading over futures contracts.
The SEC rejected the filing in June 2022. The latest amendments in September and November 2023 challenge regulators' justification for rejecting the product, suggesting a growing discussion and potential change in the regulatory landscape for Bitcoin ETFs. BlackRock's Bitcoin ETF approval deadline will occur on January 14, 2024.
VanEck
VanEck, an early Bitcoin ETF applicant, initially tried with the VanEck SolidX Bitcoin Trust in 2018, then withdrew in September 2019.
The second experiment, VanEck Bitcoin Trust, was filed in December 2020. However, the SEC consistently delayed the decision and eventually rejected the application in November 2021, followed by a second rejection in March 2023.
VanEck's third attempt in June 2023 sought approval for the VanEck Bitcoin Trust on the Cboe BZX exchange. In July, the SEC delayed the decision until January 15, 2024.
WisdomTree
WisdomTree, which manages assets worth about $98 billion, began its Bitcoin ETF journey by launching it on Switzerland's SIX stock exchange in 2019.
In March 2021, WisdomTree filed an S-1 with the SEC for the WisdomTree Bitcoin Trust, which intends to be listed on the Cboe BZx Exchange as BTCW.
WisdomTree submitted a new application in mid-2023, which strategically aligned with BlackRock's filing. However, on October 11, the SEC rejected Cboe BZX Exchange's application for the WisdomTree Bitcoin Trust.
WisdomTree quickly revised its approach in November, amending the application and including Coinbase as custodian for the proposed ETF. The approval or rejection deadline for the WisdomTree spot Bitcoin ETF will occur on January 15, 2024.
Invesco Galaxy Digital
Galaxy Digital and Invesco collaborated on a Bitcoin ETF, the Invesco Galaxy Bitcoin ETF, which was filed on September 22, 2021. Designed to be physically backed by Bitcoin, it aims to simplify investors' exposure to the cryptocurrency.
In June, Invesco independently filed a Bitcoin ETF, aligned with BlackRock's timeline. The deadline for approval or rejection of the Invesco Galaxy Bitcoin ETF ETF occurs on January 15, 2024.
Fidelity
In March 2021, Fidelity applied for the Wise Origin Bitcoin Trust, with custodian Fidelity Digital Assets. In January 2022 this application was denied, but Fidelity resubmitted its application in June 2023. Addressing SEC concerns, Fidelity added Coinbase to its oversight sharing arrangement.
Then, Fidelity changed its Bitcoin ETF application on October 17, emphasizing risk considerations for the product. The deadline for approval or rejection of the Fidelity ETF will occur on January 15, 2024.
Global X
Global X Digital Assets, a fund manager with US$31 billion in assets under management, filed its application with the SEC in July 2021. The proposed Global X Bitcoin Trust will be traded on the Cboe BZX exchange, with Bank of New York Mellon appointed as the trust's administrator.
In September 2021, GlobalX Bitcoin Trust was one of four Bitcoin ETF applications whose deadlines were pushed back by the SEC. Unfortunately, the Global X spot ETF proposal, submitted in August 2023 with Coinbase as its custodian, faced a setback when the SEC, in November, extended its review period. Deadline The Global X spot Bitcoin ETF happens on April 19, 2024.
HashDex
In August 2023, Hashdex, Latin America's largest crypto asset management company, proposed converting a Bitcoin futures ETF into a spot ETF.
The filing in late August also resulted in a name change on the Hashdex Bitcoin ETF, aligned with the updated investment strategy. The SEC delayed its decision on the conversion of Hashdex into a spot ETF until January 2024.
Franklin Templeton
In September 2023, asset management giant Franklin Templeton, with approximately US$1.4 trillion in assets under management. The spot Bitcoin ETF will partner with Coinbase as a custodial partner and share oversight, aligned with industry standards. Franklin Templeton's spot Bitcoin ETF approval deadline occurs on March 31, 2024.
Pando Asset
In November 2023, Swiss firm Pando Asset Management joined the competition for a spot Bitcoin ETF, submitting its proposal on November 29.
Pando, which already offers Bitcoin and Ethereum ETPs in Europe, aims to make its debut in the US crypto market. The 19b-4 filing puts Pando in the running, though the timing of its ETF launch remains uncertain compared to industry giants like BlackRock or Ark, which are awaiting SEC approval.
