June 23, 2023

Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF - Ep. 509

50 minutes

The SEC has swatted down so many spot bitcoin ETF applications that crypto diehards simply gave up caring. Then comes TradFi giant BlackRock – at the height of the SEC’s crypto crackdown, no less – with an ETF application that has seemingly changed the calculus. Bloomberg Intelligence ETF watcher James Seyffart joins the show to unpack the odds of BlackRock being the first to win approval, and what it would mean for other players in the space chasing down TradFi’s “holy grail.”

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Show highlights:

why the SEC rejected all of the previous bitcoin spot ETF applications

what makes the application from BlackRock, the world’s largest asset manager, different

what a 19b-4 filing is and how it relates to the BlackRock application

whether BlackRock “knows something,” considering the recent enforcement actions against major crypto exchanges

why being a first mover is a considerable advantage in the ETF market

whether BlackRock choosing Coinbase as a custodian is a risk, given that the SEC is in a legal battle with Coinbase

what’s different about a spot bitcoin ETF, and why a bitcoin futures ETF is not enough

what are the differences between the applications filed by BlackRock, Invesco, WisdomTree and Valkyrie

which are the applications that are most likely to be approved, according to James

what the impact will be of Grayscale’s lawsuit against the SEC over the denial of its proposal to convert GBTC to an ETF

why James says that Gary Gensler could be thinking like a politician as it relates to spot bitcoin ETFs

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Guest

James Seyffart, Research analyst at Bloomberg IntelligenceLinks

Previous coverage of Unchained on the topic:

Grayscale v. SEC: Who Won This Week’s Hearing?

Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF

$5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter

Bitwise’s Latest Plans to Get a Bitcoin ETF Approved

DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?

The Block: BlackRock ETF launch would put pressure on Grayscale's valuation: Bloomberg analyst

CoinDesk: A Straightforward Explanation for Why Financial Giants Want to Issue a Spot Bitcoin ETF

Unchained:

Invesco and WisdomTree Follow BlackRock, Reapply for Bitcoin ETFs

BlackRock Files for Bitcoin Spot ETF

Valkyrie Applies for Bitcoin Spot ETF ‘BRRR’

Reuters:

Cboe files with U.S. SEC for third time to list ARK 21Shares Bitcoin ETF

US court questions SEC's rejection of Grayscale's bitcoin fund proposal

Barron’s: ETF: Invesco, WisdomTree Join Push. Why It Might Happen.

Blockworks: BlackRock, then Bitwise — How the spot bitcoin ETF filings differ

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By Laura Shin

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