December 24th, 2025
The firm believes the approval of a spot Bitcoin ETF in the United States will trigger an influx of over $30 billion in subsequent months.
Eric Balchuna claims that by the end of 2024, there is a 95% chance that a spot Bitcoin ETF will be approved, up from a 75% likelihood this year.
According to the filing, Coinbase will securely hold and manage the actual Bitcoin assets that underpin the ETF. The company has also confirmed that the Bitcoin ETF will be listed and traded on the Cboe BZX Exchange, Inc.
Bitcoin ETFs provide an easy way for investors to put their funds into the cryptocurrency market.
The SEC has now postponed decisions on several spot BTC ETF applications, including ARK 21Shares, Valkyrie, WisdomTree, VanEck, and Bitwise.
The research also provides insights into the expected market share of ETFs and crypto hedge funds within the crypto ecosystem. It suggests that ETFs could capture a substantial 10% share of the market capitalization for BTC and ETH.
Heightened Bitcoin demand by institutional investors amid the incoming halving event in about six months has kept the bullish narrative alive.
Hashdex’s rivals, such as Ark Invest and 21Shares, have also approached the SEC with their separate applications for spot Ether ETFs.
Financial giant Franklin Templeton has applied to the SEC for approval to launch a Bitcoin exchange-traded fund (ETF) named the Franklin Bitcoin ETF, with Coinbase as the custodian and trading on the Cboe BZX Exchange.
The Delaware Trust Company will act as the trustee of the spot Ether ETF from Ark Invest and 21Shares, while Coinbase will act as the crypto custodian.
The decision by Genesis Global Trading (GGT) to wind down its business was reportedly voluntary and is currently working with regulators to ensure an orderly closure of services.
Bernstein analysts believe that diversification presents a significant commercial opportunity for asset managers. It allows them to enter the rapidly growing digital asset market and benefit from increased demand and market growth.
The analysts noted that the SEC may have to approve Grayscale’s ETF proposal and potentially other spot-based Bitcoin ETFs in order to maintain regulatory consistency.
With the Bitwise ETF application gone, the crypto community is now awaiting the SEC’s decision on the remaining applications by WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Fidelity.
The SEC will have an additional 45 days after the publication in the Federal Register to evaluate the suggested rule. The next decision is pending on October 17, next month.