AIM 09 Bitcoin products

Bitcoin ETFs have been a topic of great controversy since the first spot bitcoin ETF application by the Winklevoss twins in 2013. A series of application denials by the SEC over the years. In October 2022, the SEC oddly approved a futures-based ETF structure. Grayscale sued the SEC in 2023 and won, paving the way for spot-based bitcoin ETPs. On January 11, 2024, ten different issuers began a competition for market share. 

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• Required reading​

  • Whaley 2022 SEC comment letter (May 25, 2022)

  • Think Advisor 20240207 The new spot bitcoin ETFS aren't actually ETFs

  • FT 2024116 US bitcoin ETFs draw in nearly $1bn in first two days of trading

  • FT 20240119 20240119 Bitcoin ETF rush spells un certain future for Grayscale

  • FT 20240131 Traders swoop in on bitcoin 'cash and carry' trade after ETF launches

  • Hornback and Whaley 20240724 Bitcoin ETFs: On the struggle to get it right

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• Lecture notes

  • ​​Slides

    • Support files:

      • GBTC premium-discount.xlsx

      • Currency report generator 20231229 vs 20241014.xlsx

      • Fact sheets

        • ​BITO

        • GBTC

        • IBIT

        • FBTC

      • IBIT vs BITO.xlsx​

      • XBX history 20141103 - 20241111.xlsx

      • Bitcoin ETP evaluation.xlsx