The Winklevoss twins apply for the first Bitcoin spot ETF

​​​​​​On July 1st 2013, Cameron and Tyler Winklevoss, co-founders of the cryptocurrency exchange Gemini, filed the first application for spot Bitcoin ETF in the United States. Their vision was to create an investment vehicle that would allow mainstream investors to gain exposure to Bitcoin without directly holding the cryptocurrency.

A spot Bitcoin ETF had become something of a holy grail for the crypto community. Advocates argued that the complexities of managing crypto wallets, private keys, and exchanges posed significant barriers for newcomers. A Bitcoin ETF would bridge this gap, enabling investors to participate indirectly in Bitcoin’s price movements.

The United States Securities and Exchange Commission (SEC) received the Winklevoss twins’ application with interest. However, the regulatory landscape was uncharted, and the SEC had concerns about market manipulation, custody, and investor protection.