Several firms, including BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree, have submitted notices of proposed rule changes for Bitcoin exchange-traded fund (ETF) applications to the Federal Register, which is a step forward in the SEC's process. The SEC can now choose to accept or reject the applications, extend the time allowed, or open the application for public comment.

The SEC has an initial window of 45 days to make a decision, but can extend the process for up to 240 days for final approval or denial. The SEC has not yet approved a spot investment vehicle with direct exposure to cryptocurrencies like BTC, but began allowing ETFs linked to BTC futures in 2021.