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It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely to schedule, and whether all the applications are likely be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be. 

Show highlights:

  • What the recent 19b-4 and S-1 filings say about how close the ETFs are to approval
  • Whether Hashdex’s existing futures ETF impacts its treatment in the spot Bitcoin ETF process
  • The likely timeline for trading to start post-ETF approval
  • The possibility of simultaneous launches for all approved ETF issuers
  • The SEC’s concerns about ensuring a fair launch, informed by the BITO experience
  • Eric’s surprise at JP Morgan’s involvement as an Authorized Participant
  • Why the SEC is approving the ETF despite Gensler’s stance against crypto
  • What extreme cases Eric believes might cause the ETF not to be approved 
  • How BlackRock’s low fees set a challenging benchmark for competitors
  • The potential for an issuer to offer even lower fees than current players
  • How issuer margins are thin due to marketing fees, and the impact of waivers
  • James’ theory about why Grayscale might be keeping the fee on GBTC so high
  • Predictions about which issuer(s) will gain the bulk of assets under management
  • The rumor about BlackRock introducing substantial liquidity on the ETF’s first day
  • Eric and James’s expectations for ETF inflows and market dynamics

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Market participants:


  • Eleanor Terrett of Fox News’ tweet on Better Markets’ letter
  • Scott Johnson of Van Buren Capital’s estimate

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