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Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\n\nThe past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale\u2019s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs.\nShow highlights:\n\nWhy the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF\u2019s price alignment\n\nThe reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs\n\nHow the Matrixport report led to a 7% drop in BTC value\n\nThe importance of seed funding for ETFs and its impact on their stability and growth\n\nThe pivotal role of distribution in an ETF and why Spencer emphasizes its significance\n\nWhether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF\n\nThe potential impact of changes in the Grayscale board on its aspirations to launch an ETF\n\nHow the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF\n\nWhether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy\n\nSpencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF\n\nThank you to our sponsors!\n\nArbitrum Foundation\n\nPopcorn Network\n\niTrustCapital\n\nGuest\n\nSpencer Bogart, General Partner at Blockchain Capital\nLinks\n\nPrevious coverage of Unchained on spot Bitcoin ETFs:\n\nWhy the SEC May Want Cash Creation of Spot Bitcoin ETFs\n\nWhy It Looks Like BlackRock Could Win America\u2019s First Spot Bitcoin ETF\n\nWhy a Spot Bitcoin ETF Will Probably Launch No Later Than January 10\n\nHow Much Money Will Flow Into Bitcoin ETFs? Here\u2019s One Projection\n\nWhy It Looks Like BlackRock Could Win America\u2019s First Spot Bitcoin ETF\n\nThe Chopping Block: Are We Back? The \u2018Low IQ\u2019 Response to the Potential Spot Bitcoin ETF\n\nMatrixport report\n\nWhy the SEC will REJECT Bitcoin Spot ETFs again\n\nJihan Wu\u2019s tweet defending the analyst\xa0\n\n\nUnchained: Why Did Bitcoin's Price Dip as ETF Approval Nears?\n\n\nMarket participants:\n\nUnchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report\n\n\nThe Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source\n\n\nReuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF\n\n\nCoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF\n\n\n8-As\nThe Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications\n\n\nFees\n\nFidelity set their fee to .39%\n\nInvesco/Galaxy chose to waive fees\n\n\nGrayscale:\nUnchained: DCG CEO Silbert, President Murphy Exit Grayscale Board\xa0\n\nLearn more:\xa0\n\nUnchained:\xa0\n\nBitcoin ETFs Explained: What Are They & How Do They Work?\n\nWhy The Spot Bitcoin ETF Is a Big Deal\n\nDeciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices