Bitcoin ETF Approval
About Bitcoin ETF Approval
On January 10, 2024, the SEC approved the first US spot Bitcoin ETFs. The approval came after a decade of rejections and a court ruling that the SEC must reconsider. BlackRocks iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) led inflows. The ETFs attracted over 50 billion in assets within months. The approval legitimized Bitcoin for institutional investors and retirement accounts. Grayscales Bitcoin Trust converted to an ETF, paying out billions. The approval was a watershed moment for cryptocurrency. Bitcoin reached new all time highs above 100,000 after the ETF approval, and Ethereum ETFs followed later in 2024.
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