According to AMBCrypto, Gemini Exchange founder Winklevoss brothers were the first to apply for a Bitcoin ETF, but their applications were rejected twice. However, the Winklevoss brothers remain confident in their proposal made in 2020. Cameron Winklevoss said: "Historically, ETFs have been a big gospel for industries such as the gold market. It is understandable. ETFs have been around for at least 25 years. Bitcoin ETFs are not trivial duplications. Own GLD (the largest gold ETF). Investors understand this product. "