UNCHAINED: The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 5 January 2024
⏱️ 36 minutes
🧾️ Download transcript
Summary
As we head into what’s expected to be the home stretch for an SEC approval, venture capitalist Spencer Bogart gives his take on the most recent news.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
The past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale’s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs.
Show highlights |
- Why the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF’s price alignment
- The reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs
- How the Matrixport report led to a 7% drop in BTC value
- The importance of seed funding for ETFs and its impact on their stability and growth
- The pivotal role of distribution in an ETF and why Spencer emphasizes its significance
- Whether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF
- The potential impact of changes in the Grayscale board on its aspirations to launch an ETF
- How the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF
- Whether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy
- Spencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF
Thank you to our sponsors! Arbitrum Foundation | Popcorn Network | iTrustCapital
Guest |
Spencer Bogart, General Partner at Blockchain Capital
Links |
Previous coverage of Unchained on spot Bitcoin ETFs:
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Matrixport report
Why the SEC will REJECT Bitcoin Spot ETFs again
Jihan Wu’s tweet defending the analyst
Unchained: Why Did Bitcoin's Price Dip as ETF Approval Nears?
Market participants:
Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report
The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source
Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF
CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
8-As
The Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications
Fees
Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees
Grayscale:
Unchained: DCG CEO Silbert, President Murphy Exit Grayscale Board
Learn more:
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?
Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 1:06.2 | And I think that they'll undoubtedly be a nice tailwind for Coinbase, right? They are the custodian for the vast majority of filings. I think that they'll undoubtedly be a nice tailwind for Coinbase, right? |
| 1:11.0 | They are the custodian for the vast majority of filings. |
| 1:14.5 | I think they're absolutely going to benefit from it. |
| 1:17.4 | And presumably, they'll be the primary trading venue for the authorized participants |
| 1:20.6 | that, again, are arbitraging between the price of underlying Bitcoin and the price of the |
| 1:24.9 | ETF itself. |
| 1:25.7 | So that will also drive additional trading |
| 1:28.1 | volume to the exchange in addition to the custody fees. |
| 1:35.0 | Hi, everyone. Welcome to Unchained, your no-high resource for all things crypto. I'm your host, |
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