The U.S. Securities and Exchange Commission (SEC) is on the verge of making a crucial decision that could greenlight the trading of a Bitcoin spot exchange-traded fund (ETF). Thirteen companies, including Grayscale Investments, BlackRock, Ark/21Shares, Bitwise, Hashdesk, Franklin Templeton, Fidelity and others, have submitted applications for a Bitcoin spot ETF, signaling a collective anticipation within the crypto investment community.

The applications are made up of two main parts. First, an exchange such as NASDAQ or NYSE must file Form 19b-4, which notifies the commission of a proposed regulation change and the rules governing the trading of the new product. The SEC’s approval of these rule changes is a prerequisite for the product to…

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