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​
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Whaley 2022 SEC comment letter (May 25, 2022)
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Think Advisor 20240207 The new spot bitcoin ETFS aren't actually ETFs
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FT 2024116 US bitcoin ETFs draw in nearly $1bn in first two days of trading
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FT 20240119 20240119 Bitcoin ETF rush spells un certain future for Grayscale
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FT 20240131 Traders swoop in on bitcoin 'cash and carry' trade after ETF launches
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Hornback and Whaley 20240724 Bitcoin ETFs: On the struggle to get it right
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Lecture notes