The pursuit of being the first spot Bitcoin ETF to list on a major United States exchange is becoming crowded.

What’s happening:

• Numerous legacy asset management companies have filed for a spot Bitcoin ETF with the SEC
• While there are already spot Bitcoin ETFs in Canada, there are not currently any in the United States
• Spot ETFs for Bitcoin represent a unique opportunity as they will create true buying pressure for Bitcoin itself while also opening up the floodgates for institutional participation from large pools of sophisticated capital such as endowments and pension funds

Who’s making moves:

• The list of asset managers who have officially applied for spot Bitcoin ETFs is becoming increasingly longer
• Notable applicants include BlackRock, Fidelity, Franklin Templeton, Invesco Galaxy, WisdomTree, VanEck, Ark Invest and more
• Collectively, asset management companies who have applied for a Bitcoin spot ETF have over $17 trillion dollars of assets under management combined

Going deeper:

• Ark Invest made waves recently with the announcement they had filed for a spot Ethereum ETF in the United States

The fine print:

• The SEC recently announced it was delaying all decisions on Bitcoin spot ETFs after a court decision that their denial of Grayscale was wrong
• There has been a lot of regulatory uncertainty around the SEC’s stance on crypto so there are no guarantees any of these ETFs will be approved

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