The bitcoin spot ETF does not yet exist as crypto companies have proposed various concepts to the Securities and Exchange Commission (SEC) over the years. However, a few companies have legitimized the bitcoin futures ETF.
Crypto companies have struggled for years to legitimize a bitcoin spot ETF in the United States, but the SEC, despite its recent two allegedly “crypto-positive” chairs, has had to.
For example, Jay Clayton, who served as head of the SEC from May 4, 2017 to December 23, 2020, is a fan of Bitcoin as a store of value. However, no proposal convinced Clayton that a Bitcoin ETF of any kind was ready. Clayton’s successor, Gary Gensler, approved ProShares’ BITO.
Other ETF proposals, including those from Valkyrie and Van Eck, were also approved. However, one company, Grayscale, could be the first to implement a bitcoin spot ETF.
Grayscale, which holds the world’s only SEC-approved, publicly traded Grayscale Bitcoin Trust (GBTC), proposed its bitcoin spot ETF to the SEC in 2016. The group briefly withdrew its application in 2017 due to a stalemate in talks.
As of March 2022, Grayscale remains committed to turning GBTC into the world’s first bitcoin spot ETF, even threatening to sue the SEC if its latest attempts don’t go through. In contrast, the SEC claims that market manipulation is its number one obstacle to Bitcoin spot ETF approval.
https://cointelegraph.com/explained/bitcoin-spot-vs-futures-etfs-key-differences-explained Bitcoin Spot vs Futures ETFs: Key Differences Explained