The quest for a bitcoin ETF has lasted more than eight years. Countless filings have ended in rejection. Then, finally, it happened—the SEC allowed a bitcoin ETF to come to market, albeit one that tracks futures as opposed to holding bitcoin. The unlikely winner of this race? ProShares, whose ETF $BITO broke all kinds of records for a new launch. Valkyrie's version, $BTF, was also approved.

On this episode, Eric and Joel speak with ETF lawyer Jeremy Senderowicz of Vedder Price, Katie Greifeld of Bloomberg News, and James Seyffart of Bloomberg Intelligence about these developments. Their discussion includes how Greifeld's reporting moved the price of bitcoin, why the SEC allowed futures-backed products, who benefits from these investments, and what comes next.

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The Bitcoin ETF Race Is Over—and Also Just Beginning