The approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January 2024 marked a pivotal moment in financial history. This long-anticipated regulatory green light opened the doors for mainstream and institutional investors to gain exposure to Bitcoin through traditional investment vehicles. But the journey to this milestone began over a decade earlier—with a bold move that few noticed at the time.
On July 1, 2013, Cameron and Tyler Winklevoss, the twin founders of Gemini, filed an S-1 with the SEC to launch the Winklevoss Bitcoin Trust—an early attempt at creating a spot Bitcoin ETF. Though the application was ultimately rejected (and a second attempt denied in 2018), that filing date represents a critical "what if" moment for investors.
What if you had invested $1,000 in Bitcoin on that very day?
The Long Road to Bitcoin ETF Approval
For years, the SEC resisted approving a spot Bitcoin ETF, citing concerns over market manipulation, custody, and volatility. During this time, investors were largely limited to holding Bitcoin directly or through futures-based products like the ProShares Bitcoin Strategy ETF (BITO), which launched in 2021.
The Winklevoss twins remained vocal advocates throughout the decade-long battle. On the 10-year anniversary of their initial filing, Cameron Winklevoss criticized the SEC’s hesitation, stating it had been “a complete and utter disaster for U.S. investors” and contributed to retail investors flocking to unregulated platforms—some of which, like FTX, ended in collapse and fraud.
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Their persistence, along with growing institutional demand and improved market infrastructure, eventually paid off. In early 2024, the SEC approved multiple spot Bitcoin ETFs from major financial players including BlackRock, Fidelity, ARK Invest, and Grayscale.
Since launch, these ETFs have attracted massive inflows—over $36 billion year-to-date, with a single week seeing $2.5 billion in net investments. This surge reflects renewed confidence in the crypto market, further fueled by macroeconomic optimism and post-election clarity.
Bitcoin’s Price Journey: From $90 to $100K+
On July 1, 2013, Bitcoin was trading at approximately $90.80—a price point that now seems almost unimaginable given its all-time highs.
At that price, a $1,000 investment would have bought you 11.0132 BTC.
Fast forward to late 2025, when Bitcoin surpassed $106,478 for the first time. That same 11.0132 BTC would now be worth:
$1,172,669.68
That’s a staggering 117,167% return over roughly 11 years—an average annual growth rate far exceeding nearly every asset class.
To put this into perspective:
How Does Bitcoin Compare to Traditional Investments?
Let’s examine how that same $1,000 would have performed in other top assets over the same period (July 2013 – late 2025):
- SPDR S&P 500 ETF Trust (SPY):
Value today: $3,736.80
Return: +273.7% - Apple Inc. (AAPL):
Value today: $17,035.49
Return: +1,603.5% - Tesla Inc. (TSLA):
Value today: $58,480.93
Return: +5,748.1%
Even Tesla—one of the best-performing stocks of the past decade—pales in comparison to Bitcoin’s explosive growth.
Of course, past performance is not indicative of future results. But the data underscores a key truth: early adoption in transformative technologies can yield life-changing returns.
Why the First ETF Filing Matters
While the Winklevoss ETF wasn’t approved until years later (under a different structure), their 2013 filing was symbolic—a signal that digital assets were beginning to enter the institutional conversation.
It also serves as a powerful reminder: major financial innovations often face resistance before acceptance. Those who understood Bitcoin’s potential early—and acted—reaped extraordinary rewards.
Today, with spot Bitcoin ETFs widely available, access has never been easier. Institutional capital is flowing in steadily, retirement accounts are starting to include crypto exposure, and global adoption continues to rise.
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Frequently Asked Questions (FAQ)
Q: Was the Winklevoss Bitcoin Trust ever approved as an ETF?
A: No. The original Winklevoss Bitcoin Trust filed in 2013 was rejected by the SEC in 2018. However, in 2024, Coinbase launched the ARK 21Shares Bitcoin ETF (ARKB), in which Gemini serves as custodian—marking a partial realization of their vision.
Q: Can I invest in Bitcoin through my retirement account now?
A: Yes. With the approval of spot Bitcoin ETFs, many retirement plans and brokerage platforms now offer exposure to Bitcoin as part of diversified portfolios.
Q: What caused Bitcoin to surpass $100,000 in 2025?
A: A combination of factors drove the rally: strong ETF inflows, macroeconomic uncertainty prompting inflation hedging, post-election regulatory clarity, and growing global adoption.
Q: Is it too late to invest in Bitcoin now?
A: While early adopters saw the highest percentage gains, many analysts believe Bitcoin still has significant long-term potential due to its fixed supply, increasing institutional adoption, and use as a digital store of value.
Q: How do spot Bitcoin ETFs differ from futures-based ones?
A: Spot ETFs hold actual Bitcoin and track its real-time price, while futures-based ETFs rely on derivatives contracts. Spot ETFs are generally seen as more transparent and efficient.
Looking Ahead: What’s Next for Bitcoin?
With regulatory barriers falling and major financial institutions onboard, Bitcoin is transitioning from speculative asset to established digital gold.
Analysts like Cathie Wood have projected prices exceeding $1 million per Bitcoin in the coming decade under bullish adoption scenarios. Even conservative forecasts suggest continued appreciation as scarcity (due to halving events) meets rising demand.
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For those who missed the 2013 opportunity, the lesson isn’t regret—it’s awareness. Every era has its defining assets. Right now, Bitcoin stands at the intersection of innovation, regulation, and mass adoption.
Whether you're a long-term holder or just beginning your journey, understanding historical milestones helps inform smarter decisions moving forward.
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