The investment community is eagerly awaiting the SEC’s decision on approving the 11 applications for spot Bitcoin ETFs that have been filed in recent months. The filings have generated considerable enthusiasm within the cryptocurrency community and the ETF industry. Launching these spot Bitcoin ETFs would mark the dawn of a new era for Bitcoin itself, culminating in its evolution from an idea discussed on an internet forum to a truly global macro asset class in just ten years. The ETFs would also open access to the world’s hardest currency to a new cohort of individual and institutional investors.

As we await further news, let’s discuss what a spot Bitcoin ETF is, what it would mean for Bitcoin and the crypto industry, and who the applicants are (along with key details on their filings).

What is a spot Bitcoin ETF?

First and foremost, it’s worth explaining that an ETF is an exchange-traded fund.

These investment funds hold assets such as stocks, bonds, or commodities. ETFs typically track the performance of a specific index, sector, commodity, or asset class. They are traded on stock exchanges, like individual stocks, and their prices can change throughout the trading day as they are bought and sold, unlike mutual funds, which are executed once a day.

Because of their convenience and efficiency, ETFs have surged in popularity in recent years, and U.S.-based ETFs collectively have about $6.5 trillion in assets under management.

There are already several Bitcoin futures ETFs trading on U.S. exchanges. However, a spot Bitcoin ETF would be different as it would invest directly in Bitcoin rather than futures.

Futures ETFs can deviate from the price of Bitcoin (or whichever underlying asset they invest in) based on various factors. Still, because a spot Bitcoin ETF would directly hold Bitcoin, its price would correlate more closely with the cost of Bitcoin. Furthermore, futures ETFs can often be expensive and add more complexity to the equation.

The Potential Impact

The availability of these spot Bitcoin ETFs would enable the everyday individual investor to gain direct exposure to Bitcoin using their brokerage or retirement accounts for the first time.

The ease of buying one of these Bitcoin ETFs would make gaining exposure to Bitcoin feel no different than buying a share of any stock or ETF, potentially bringing tens of millions of new U.S. investors into Bitcoin for the first time.

Many individuals may be intrigued by Bitcoin or believe in its long-term potential but don’t feel comfortable or crypto-savvy enough to buy and manage Bitcoin on their own. The availability of these spot Bitcoin ETFs that everyday investors know and trust would likely also help to make more of these investors feel comfortable with Bitcoin.

Spot Bitcoin ETFs would also make investing in Bitcoin more viable and accessible to institutional investors. These ETFs would also make Bitcoin accessible to investors in their retirement accounts. As of the end of last year, Americans collectively held an estimated $37.8 trillion in retirement accounts (between employer-sponsored 401ks and individual IRAs), and Bitcoin could potentially capture a portion of this market.

Interest in Bitcoin and these spot Bitcoin ETFs would also be a boon to ETF providers themselves as it would draw in new inflows of investor capital.

A Look at the 11 Spot Bitcoin ETF Applicants

So far, 11 firms have filed for spot Bitcoin ETFs. These applicants hail from legacy finance and crypto native backgrounds and range from TradFi giants with trillions of dollars in assets under management to small specialty fund providers.

Below is an overview of the 11 applicants.

Source: Bloomberg.

Let’s look at an overview of each applicant and what to know about each. We’ve also linked to the S1 application for each.

Hashdex Bitcoin ETF

  • Ticker: DEFI

  • Sponsor: Hashdex

  • S1

Hashdex is the largest crypto asset management firm. It is filing to convert its already-existing HashDex Bitcoin Futures ETF (with the ticker $DEFI, and just $2.6 million in AUM) into a spot Bitcoin ETF.

Hashdex’s application is unique in that instead of proposing surveillance sharing like the other applicants; it says it will acquire Bitcoin through the Chicago Mercantile Exchange’s regulated market.

BitGo is serving as the custody affiliate for the Hashdex Bitcoin ETF. This is notable because it means that Hashdex is the only applicant not using self-custody or custodying its Bitcoin with an exchange affiliate.

Grayscale Bitcoin Trust

  • Ticker: GBTC

  • Sponsor: Grayscale

  • S3

The Grayscale Bitcoin Trust (GBTC) was launched back in 2013 and now has $27.5 billion in assets under management. This is not a filing for a new spot Bitcoin ETF but rather an application by Grayscale to convert its flagship Bitcoin Trust into an ETF. The Trust passively buys BTC and gives exposure to Bitcoin. However, it often trades at a discount to the net asset value of the Bitcoin it holds. Earlier this year, Grayscale scored a legal victory against the SEC when a Court of Appeals judge ruled that the SEC had been wrong to reject Grayscale’s previous application to convert the trust into an ETF.

ARK 21Shares Bitcoin ETF

  • Ticker: ARKB

  • Sponsor: ARK Invest, 21 Shares

  • S1

ARK Invest founder Cathie Wood has been a long-time and highly visible proponent of Bitcoin, so it’s perhaps no surprise that her firm filed for a spot in the Bitcoin ETF. Here, ARK is partnering with Swiss ETF provider, 21 Shares. ARK Invest has made a name for itself with its actively managed, tech-focused ETFs. Its flagship fund product, the ARK Innovation ETF (ARKK), invests in “disruptive technology companies” and has $7.5 billion in assets under management. Before the current wave of spot Bitcoin ETF filings, ARK previously applied for a spot in 2022 and again in January 2023.

iShares Bitcoin Trust (BlackRock)

  • Ticker: IBTC

  • Sponsor: BlackRock

  • S1

With over $9 trillion in assets under management, BlackRock is the largest asset manager in the world. BlackRock is one of the leading players in ETFs, with 426 ETFs listed. News of BlackRock’s filing for a spot Bitcoin ETF on June 15th sparked the onslaught of additional firms filing for spot Bitcoin ETFs.

According to Bloomberg senior ETF analyst Eric Balchunas, BlackRock has already grappled with the SEC many times over filings and has had its applications approved 575 times, being denied only once.

Bitwise Bitcoin ETP Trust

  • Ticker: BITB

  • Sponsor: Bitwise

  • S1/A

Bitwise is a crypto-native asset manager offering crypto-focused ETFs since 2017. It has six ETFs listed, including the Bitwise 10 Crypto Index Fund, an index of the top 10 digital assets, an Ethereum futures ETF, and an equal-weighted Bitcoin and Ethereum futures ETF. It also provides the Bitwise Crypto Industry Innovators Index, which invests in publicly traded companies in the crypto sphere and has $115 million in AUM. Like ARK Invest and others on this list, Bitwise has previously filed for spot Bitcoin ETFs going back to 2019, only to be denied.

Van Eck Bitcoin Trust

  • Ticker: N/A

  • Sponsor: VanEck

  • S1

VanEck is a traditional asset manager that sponsors 70 different ETFs with various themes and strategies. VanEck has long had an interest in crypto space. It currently provides the VanEck Digital Transformation ETF (DAPP), which invests in publicly traded crypto companies and has about $70 million in AUM. It also launched an Ethereum Futures ETF in October (EFUT) and already has a Bitcoin Futures ETF (XBTF). It previously ran the VanEck Digital Asset Mining ETF, although this ETF closed down in September. VanEck has previously filed for spot Bitcoin ETFs.

WisdomTree Bitcoin Trust

  • Ticker: BTCW

  • Sponsor: WisdomTree

  • S1/A

WisdomTree is another TradFi asset manager with many ETFs under its belt. Like others on this list, WisdomTree has had previous applications for a spot Bitcoin ETF rejected.

Invesco Galaxy Bitcoin ETF

  • Ticker:

  • Sponsor: Invesco

  • S1/A

This is a collaboration between legacy finance mainstay Invesco (perhaps best known as the sponsor of the popular NASDAQ 100 ETF, QQQ which has over $225 million in AUM) and crypto-native Galaxy Digital. Invesco is the fourth-largest ETF provider in the United States.

Invesco and Galaxy have had a previous application for a spot Bitcoin ETF rejected. The two firms are reportedly interested in launching other crypto ETFs.

Wise Origin Bitcoin Trust

  • Ticker: N/A

  • Sponsor: Fidelity

  • S1/A

This is an entry from Fidelity, a TradFi manager with a longstanding interest in crypto. Fidelity already allows clients to buy Bitcoin and Ethereum on its platform and has a crypto industry ETF called $FDIG.

Fidelity is one of the largest asset managers in the world, with over $4 trillion in AUM and over $10 trillion in assets under administration. Its businesses include a family of mutual funds, a growing number of ETFs, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.

Unlike others on this list, Fidelity proposes to self-custody the Bitcoin in this ETF.

Valkyrie Bitcoin ETF

  • Ticker: BRRR

  • Sponsor: Valkyrie

  • S1/A

Valkyrie is a crypto-native firm that is already offering several crypto-focused ETFs.

Its Bitcoin and Ether Strategy ETF (BTF) trades on the NASDAQ and invests in Bitcoin and Ethereum futures. It currently has nearly $40 million in assets under management.

Its Valkyrie Bitcoin Miners ETF (with the colorful ticker WGMI, a reference to the popular crypto expression “We’re all going to make it”) invests in Bitcoin miners and has nearly $50 million in AUM.

Crypto firm CoinShares has an option to acquire Valkyrie and its name will be incorporated into the spot Bitcoin ETF filing should it be approved.

Valkyrie previously applied for a spot Bitcoin ETF and had its application denied.

Franklin Bitcoin ETF

  • Ticker: N/A

  • Sponsor: Franklin Templeton

  • S1

Franklin Templeton is a major player in traditional finance with $1.3 billion in AUM and a variety of equity and fixed-income ETFs and mutual funds in its wheelhouse. This is its first filing for a spot Bitcoin ETF.

Looking Ahead

That’s what we know so far about the current slate of spot Bitcoin ETFs. The SEC is expected to make decisions on these ETFs in January 2024, so Bitcoiners, market participants, and the ETF industry will keep a keen eye on what happens next as the calendar turns to 2024.

About BitGo

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