CEO Michael Sonnenshein Thinks He’s Leading the Bitcoin ETF Race
The spot Bitcoin exchange-traded fund (ETF) race is accelerating as 8 spot Bitcoin ETF issuers file updated S-1 forms reporting authorized participants (APs), fees or other changes. Grayscale, among other applicants, filed a written notice regarding APs after the US SEC declared December 29 as the deadline for issuers to update their spot Bitcoin ETF applications.
Grayscale CEO Considers Leading the Spot Bitcoin ETF Race
Grayscale Bitcoin Trust filed a free writing prospectus (FWP) with the U.S. Securities and Exchange Commission (SEC) on December 29, and other spot Bitcoin ETF issuers have filed updated S-1 forms.
FWP echoes Grayscale CEO Michael Sonnenshein’s post about X—”I’ve been in this game for a long time… We’ve ranked APs since 2017.”
Spot Bitcoin ETF issuers such as BlackRock, Fidelity, Valkyrie, VanEck, Bitwise, Invesco and Galaxy, WisdomTree and Franklin Templeton have filed updated S-1 filings announcing authorized participants (APs) or fees. Fidelity Wise Origin Spot Bitcoin ETF has the lowest fee at 0.39%.
Sonnenshein claims that Grayscale has been on hand since 2017, when Jane Street and Virtu became authorized participants, according to a May 4, 2017 SEC filing.
So read: Valkyrie and BlackRock Amend S-1 Documents, Reveal APs in Latest Bitcoin ETF Applications
“This is a great point from Sonnenshein,” said Bloomberg ETF analyst James Seyffart. He added that Grayscale has never been an issuer and they were worried about getting an AP deal. He expects more issuers to reach the starting gate. The spot Bitcoin ETF approval window ranges from January 5 to 10, 2024.
While top ETF experts have no doubt that Grayscale is leading the Bitcoin ETF race as they embrace the “cash model” for approval, Bloomberg senior ETF analyst Eric Balchunas cautioned that they would need to file an S-1 and approve their authorized participants as per the requirement. “I’m sure they’ll add it soon.”
So read: Invesco, WisdomTree, Fidelity and Bitwise Update S-1 Applications; JPMorgan AP in Spotlight
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