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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →On January 10, 2024, the U.S. Securities and Exchange Commission approved exchange proposals to list and trade 11 spot-bitcoin exchange-traded products (ETPs) on NYSE Arca, Nasdaq, and Cboe BZX. The decision authorized the listings; it did not endorse bitcoin or judge any of the products suitable for investors.
What the SEC approved
The SEC’s January 10, 2024 order granted accelerated approval to proposed exchange rule changes under Section 19(b)(2) of the Securities Exchange Act of 1934. The proposals had been subject to notice and comment. The order covered 11 ETP listings across three exchanges:
| Exchange | Products named in the order |
|---|---|
| NYSE Arca | Grayscale Bitcoin Trust; Bitwise Bitcoin ETF; Hashdex Bitcoin ETF |
| Nasdaq | iShares Bitcoin Trust; Valkyrie Bitcoin Fund |
| Cboe BZX | ARK 21Shares Bitcoin ETF; Invesco Galaxy Bitcoin ETF; VanEck Bitcoin Trust; WisdomTree Bitcoin Fund; Fidelity Wise Origin Bitcoin Fund; Franklin Bitcoin ETF |
The order calls them exchange-traded products. Their legal structures include commodity-based trust shares and trust units, so “ETF” is common shorthand but not the most precise description of the SEC action. The order itself is available in the SEC approval order.
Why approval followed the Grayscale court decision
SEC Chair Gary Gensler said the Commission’s action followed a D.C. Circuit decision vacating and remanding the SEC’s earlier denial of Grayscale’s proposed conversion. The court found the agency had not adequately explained its reasoning. Gensler said the SEC had disapproved more than 20 spot-bitcoin ETP exchange-rule filings between 2018 and March 2023.
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Commissioner Hester M. Peirce separately described the approval as coming after more than a decade of applications and argued that the court’s rebuke changed the agency’s course. That was Peirce’s assessment, not a formal finding in the approval order. Her statement is available on the SEC website.
How the SEC addressed market surveillance
The order’s rationale relied in part on evidence in the record about correlation between CME bitcoin futures prices and spot bitcoin prices. As Peirce quoted the order, fraud or manipulation affecting spot markets would likely also affect CME futures prices, and the exchanges’ surveillance-sharing agreement with CME could help detect and deter such conduct.
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This was a regulatory rationale for the exchange proposals, not a finding that bitcoin markets are free of manipulation or that surveillance can prevent every form of misconduct.
What approval did—and did not—mean for investors
The approval concerned exchange listing and trading rules. It was not an SEC endorsement of bitcoin, the funds, or their custodians. Gensler said the Commission was “merit neutral” and that the action did not endorse the ETP arrangements, including custody. He also described bitcoin as speculative and volatile and urged caution about bitcoin and crypto-linked products.
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Gensler said sponsors must provide full, fair, and truthful disclosure, and that the products would trade on registered national securities exchanges with rules designed to prevent fraud and manipulation. Existing standards of conduct also apply to investment recommendations, including Regulation Best Interest for broker-dealers and fiduciary duties for investment advisers. Those requirements do not remove investment, market, or custody risks.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How ETP trading works
Peirce described ETP shares as trading throughout the day on national stock exchanges at market prices. Authorized participants—typically institutional traders—can create or redeem shares, a process intended to help keep share prices aligned with the value of assets in the investment pool. It does not guarantee that shares will always trade exactly at net asset value.
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The January 2024 order does not establish current fees, assets, custodians, tickers, performance, or investor returns for the named products. Those details can change and are specific to each fund; investors comparing them should consult current prospectuses and other fund disclosures.
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