BlackRock's application to launch a spot Bitcoin exchange-traded fund (ETF) has officially entered the review process of the Securities and Exchange Commission (SEC). This development, recorded on Thursday, marks a significant milestone for the highly anticipated Bitcoin-related proposal. Nearly a month ago, BlackRock filed the application for the iShares Bitcoin Trust, which generated optimism within the crypto market. The filing also prompted other prominent players, including Invesco, Wisdom Tree, Bitwise, and Fidelity, to submit additional applications for spot Bitcoin ETFs. Fidelity had its previous application rejected last year, along with other contenders. When the SEC indicated that BlackRock's initial application had deficiencies, the company submitted a revised application, which included a "surveillance sharing" provision. This clause involves the Coinbase crypto exchange monitoring and reporting potential illegal activities. Valkyrie, Fidelity, and ARK Invest also updated their applications with the same provision. A spot Bitcoin ETF would enable tracking of Bitcoin's value without directly holding the asset, and it would be tradable on traditional stock exchanges. The prospects of a BlackRock Bitcoin ETF have bolstered institutional investor sentiment. While a Bitcoin ETF based on futures contracts was launched earlier this year, a spot ETF linked to the current cryptocurrency price has long been considered the "holy grail" for the industry. The SEC's reluctance to approve such an ETF in recent years has been viewed as a significant setback. With BlackRock's application now officially on the SEC's calendar, it will be published in the Federal Register, triggering a 21-day public comment period. Simultaneously, four other applications related to the Cboe BZX Exchange were also docketed on Friday. These applications, including the Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy Bitcoin ETF, will undergo a three-week comment period. The review process and subsequent public comments will play a crucial role in determining the fate of these Bitcoin ETF applications. As the industry eagerly awaits regulatory approval, the potential launch of a spot Bitcoin ETF could have significant implications for mainstream adoption of cryptocurrencies and the overall market.