The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share - Ep. 591
Unchained
Intro
This chapter explores how Coinbase could benefit from becoming a custodian for Bitcoin ETF filings, highlighting associated trading benefits and custody fees. It sets the stage for a competitive analysis of the Spot Bitcoin ETFs and what factors might determine their market dominance.
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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
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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 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
Fees
- Fidelity set their fee to .39%
- Invesco/Galaxy chose to waive fees
Grayscale:
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?
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