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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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Episode Transcript


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