Spot bitcoin ETFs approved

On January 10, 2024 the US Securities and Exchange Commission approved rule changes allowing 11 spot bitcoin exchange traded products to list, including funds from BlackRock, Fidelity and a converted Grayscale Bitcoin Trust. They began trading the next day, January 11.

The approval came after years of rejections and a court loss for the SEC: in August 2023 the DC Circuit ruled the agency had not properly explained why it rejected Grayscale's application. In his statement, SEC Chair Gary Gensler stressed that the approval was not an endorsement of bitcoin.

The funds let ordinary brokerage accounts get bitcoin price exposure without holding coins directly. Large inflows followed in the first months, and in March 2024 bitcoin passed its 2021 record. Many other factors were in play, so the chart shows the timing rather than a cause.

For context, the SEC approved spot ether ETFs a few months later; see the Ethereum timeline.