7 Countries That Approved Spot Bitcoin ETFs First

7 Countries That Approved Spot Bitcoin ETFs First

By Marcus Chen, Aivora Research · July 2026

Spot Bitcoin ETFs have been a game-changer for crypto adoption, giving everyday investors a regulated way to get exposure to Bitcoin without managing wallets or private keys. But the rollout hasn’t been uniform — some countries jumped on board years before others. Here are the 7 nations that gave the green light to spot Bitcoin ETFs, ranked by when they approved them.

1. Canada — The Pioneer That Beat Everyone

Canada was the first major economy to approve a spot Bitcoin ETF. The Purpose Bitcoin ETF launched on the Toronto Stock Exchange in February 2021, beating the U.S. by nearly three years. It was a huge moment — within days, it pulled in over $400 million in assets. Canadian regulators set the precedent that a physically-backed Bitcoin product could work within existing securities laws.

So what made Canada move so fast? The Ontario Securities Commission took a pragmatic approach. They saw demand from institutions and retail investors alike, and they didn’t want to lose that business to unregulated offshore products. That decision put Canada on the map as a crypto-friendly jurisdiction.

And the results speak for themselves. By mid-2022, Canadian spot Bitcoin ETFs held over 35,000 BTC combined. That’s more than many publicly traded mining companies.

2. Brazil — Latin America’s First Mover

Brazil’s Securities and Exchange Commission approved the country’s first spot Bitcoin ETF in March 2021, just a month after Canada. The product, called Hashdex Bitcoin ETF, trades on the B3 exchange in São Paulo. Brazil’s move was bold — the country was dealing with high inflation and a weak currency, making Bitcoin an attractive alternative for local investors.

But the Brazilian approach had a twist. Instead of a pure Bitcoin ETF, the Hashdex product is actually a crypto index fund that holds Bitcoin and other top coins. Still, it’s classified as a spot Bitcoin ETF because Bitcoin makes up the vast majority of its holdings. This flexibility helped Brazil attract both local and international capital.

And here’s a fun fact: Brazil’s ETF has a lower expense ratio than many U.S. products that launched later. Sometimes being first means you have to compete harder.

3. Australia — Slow But Steady

Australia approved its first spot Bitcoin ETF in April 2022, over a year after Canada and Brazil. The 21Shares Bitcoin ETF launched on the Cboe Australia exchange, backed by physical Bitcoin stored in a regulated cold storage facility. The delay wasn’t due to regulatory hostility — Australian regulators simply wanted to get the custody and disclosure rules right.

And they did. The Australian ETF has tight security protocols, including mandatory third-party audits every quarter. It’s a model for how to launch a spot Bitcoin ETF without cutting corners. But the slow start meant Australia missed the initial wave of capital inflows that Canada captured.

Still, the product has been solid. As of mid-2026, it holds over 8,000 BTC, making it one of the largest spot Bitcoin ETFs in the Asia-Pacific region. For more on how different countries regulate crypto, check out Netherlands Crypto Tax Rules 2026 – Complete Guide 2026.

4. United States — The Elephant Finally Arrives

The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs in January 2024, after years of rejections and delays. This was the biggest moment in crypto history — the world’s largest capital market finally opened the door. Within the first week, these ETFs saw over $10 billion in trading volume. BlackRock’s iShares Bitcoin Trust alone pulled in $2 billion in its first month.

But why did the U.S. take so long? The SEC under Gary Gensler had deep concerns about market manipulation and custody. It took a court ruling in the Grayscale case to force the agency’s hand. And when the approvals finally came, they came with strict rules: no staking, no leverage, and mandatory cash creation and redemption.

So the U.S. ETFs are more conservative than Canada’s. But they’re also far more liquid. By mid-2026, U.S. spot Bitcoin ETFs collectively hold over 900,000 BTC — that’s roughly 4.5% of all Bitcoin that will ever exist.

5. Hong Kong — Asia’s Crypto Hub Doubles Down

Hong Kong approved its first spot Bitcoin ETFs in April 2024, just three months after the U.S. The products are listed on the Hong Kong Stock Exchange and managed by firms like China Asset Management and Harvest Global. Hong Kong’s move was strategic — the city wants to reclaim its status as a global crypto hub despite China’s strict ban on crypto trading.

And the approval process was surprisingly smooth. Hong Kong’s Securities and Futures Commission allowed in-kind creation and redemption, meaning investors can directly swap Bitcoin for ETF shares. That’s a feature most U.S. ETFs don’t offer. It makes the Hong Kong ETFs more capital-efficient for large holders.

But there’s a catch: the annual fees are higher than U.S. products, around 1.5% compared to 0.25% for BlackRock’s ETF. Still, for Asian investors, the convenience factor is huge. Want to compare fees across different ETFs? Read .

6. United Arab Emirates — The Desert Oasis for Crypto

The UAE approved its first spot Bitcoin ETF in October 2024, listed on the Abu Dhabi Securities Exchange. The product is managed by 3iQ, a Canadian digital asset manager, in partnership with a local financial firm. The UAE’s move was driven by its ambition to become a global crypto hub — the country already has a dedicated virtual assets regulator in Dubai.

And the timing was perfect. With the U.S. ETFs already established, the UAE could learn from their mistakes. The local ETF has strong investor protections, including mandatory insurance for custodial assets. It also offers exposure to Bitcoin with zero capital gains tax for UAE residents — a massive advantage.

So far, the ETF has attracted over $500 million in assets, mostly from institutional investors in the Middle East and North Africa. The UAE is proving that small countries can punch above their weight in crypto.

7. Switzerland — The Newcomer With Old Money

Switzerland approved its first spot Bitcoin ETF in March 2025, making it the latest major financial hub to join the party. The product, called the Bitcoin Capital ETF, trades on the SIX Swiss Exchange. Switzerland’s approval was notable because it came from a country known for banking secrecy and conservative finance.

But here’s the twist: the Swiss ETF uses a unique structure. Instead of holding Bitcoin directly, it holds shares in a Swiss-based Bitcoin fund that holds the actual coins. This two-layer structure provides extra legal protection for investors. It’s a classic Swiss approach — safe, meticulous, and a bit complicated.

And the market has responded well. Within its first year, the Swiss ETF accumulated over 15,000 BTC, much of it from European pension funds and family offices. Switzerland may have been late, but it’s catching up fast.

The One Thing to Remember

Spot Bitcoin ETFs are now available in 7 countries, with the U.S. holding the lion’s share of assets. But the real story isn’t who was first — it’s that every major financial hub now has a regulated Bitcoin product. That trend is accelerating, and more countries are expected to approve similar products by the end of 2026. Whether you’re in Canada or Switzerland, the message is clear: Bitcoin is no longer a fringe asset.

— Marcus Chen | Aivora Research Team