Poinbank:ASTRO COIN：Bitcoin spot ETF approval process

Bitcoin: It is Poinbanka digital currency that originated in 2009. Compared to traditional financial systems, Bitcoin's characteristics include decentralization, anonymity, transparency, and tamper resistance, offering various advantages.

Definition: Bitcoin, also known as digital currency or virtual currency, is a decentralized and digital currency based on a peer-to-peer network protocol. It uses encryption technology to ensure the security and anonymity of transactions, while also guaranteeing transaction transparency and no intermediary fees, allowing for round-the-clock trading. The total supply limit of Bitcoin is 21 million, and it utilizes distributed ledger technology to ensure decentralization, security, and consensus of Bitcoin.

A spot Bitcoin ETF, like a special investment basket, contains real Bitcoin rather than derivative products or stocks of related companies. This basket can be bought and sold on the stock market like regular stocks.

Grayscale first submitted an application for a Bitcoin ETF in 2016 and engaged in discussions with the U.S. Securities and Exchange Commission (SEC) for most of 2017. The company ultimately withdrew the application, believing that the regulatory environment for digital assets had not developed to the extent that such a product could be successfully launched.

Asset management company Bitwise applied for a physically backed Bitcoin ETF in 2019, but withdrew its request in January 2020 due to concerns about the SEC.

In mid-2023, asset management giants began a new wave of applications for spot Bitcoin ETFs. On April 25, 2023, Cboe BZX Exchange filed for and submitted rule changes for the ARK 21 Shares Bitcoin ETF, and on May 15, the modified ARK 21 Shares Bitcoin ETF was officially announced and solicited comments in the U.S. Federal Register, marking the start of the ETF approval process. In June, several asset management giants including BlackRock, Fidelity, Bitwise, and Invesco, announced the submission of applications for spot Bitcoin ETFs. Subsequently, the SEC delayed the announcement date for their decisions.

On January 10, 2024, documents from the U.S. Securities and Exchange Commission (SEC) revealed that the SEC approved 11 spot Bitcoin ETFs, injecting a large amount of funds into the Bitcoin market and driving continuous price increases for Bitcoin.

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