Bitcoin spot ETF approval (January 2024)
The Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds in January 2024, after years of rejecting similar applications. The approval opened Bitcoin to traditional brokerage accounts and institutional investors.
Bitcoin's price rose as institutional money flowed into the new funds. Billions of dollars moved into the ETFs within months.
The approval set a precedent for crypto ETFs, leading to Ethereum ETFs and now Hyperliquid ETFs.
Grayscale's Hyperliquid staking ETF follows the same mechanism: packaging token exposure into a Nasdaq-traded vehicle that traditional investors can buy.
