The application for a Bitcoin exchange-traded fund (ETF) submitted by BlackRock has been accepted by the United States Securities and Exchange Commission (SEC). This acceptance follows the SEC’s acknowledgement of a similar application from Bitwise the day prior. The SEC’s acceptance marks the beginning of the official review process for BlackRock’s ETF proposal. Although this is just the first step in a complex regulatory process, it indicates the SEC’s willingness to consider the concept of a spot Bitcoin ETF and evaluate its potential impact on the market.