Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas break down the spot Bitcoin ETF launch timeline, plus analyze the already ruthless fee war.
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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 to 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 approvalWhether Hashdex’s existing futures ETF impacts its treatment in the spot Bitcoin ETF processThe likely timeline for trading to start post-ETF approvalThe possibility of simultaneous launches for all approved ETF issuersThe SEC’s concerns about ensuring a fair launch, informed by the BITO experienceEric’s surprise at JP Morgan’s involvement as an Authorized ParticipantWhy the SEC is approving the ETF despite Gensler’s stance against cryptoWhat extreme cases Eric believes might cause the ETF not to be approved How BlackRock’s low fees set a challenging benchmark for competitorsThe potential for an issuer to offer even lower fees than current playersHow issuer margins are thin due to marketing fees, and the impact of waiversJames’ theory about why Grayscale might be keeping the fee on GBTC so highPredictions about which issuer(s) will gain the bulk of assets under managementThe rumor about BlackRock introducing substantial liquidity on the ETF’s first dayEric and James’s expectations for ETF inflows and market dynamics
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Guest:
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained:
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
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Will a Spot Bitcoin ETF Finally Get Approved?
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Fees
Unchained: Fee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF Applicants
Caitlin Long’s tweet warning about no fees
Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees
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
Others:
Better Markets’ letter: The SEC Must Follow the Law and Reject Spot Bitcoin ETPs Which Will Inflict Massive Investor Harm
FXSTREET: BlackRock might be on track to create history with $2 billion inflows in spot Bitcoin ETF in a week
Eleanor Terrett of Fox News’ tweet on Better Markets’ letter
Scott Johnson of Van Buren Capital’s estimate
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.
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