List of all the Wall Street giants wanting to launch a Bitcoin ETF
A Bitcoin spot ETF could be launched in the U.S. as early as January. However, while that seems promising, it is not yet known which specific investment vehicles will be approved.
In fact, expectations are high, with more than a dozen applicants ahead of the January 10 deadline, ranging from disruptive Bitcoin companies to some of the most recognizable names in global finance.
The prize is the potential to provide investors with a regulated and accessible means to access the world’s leading cryptocurrencies.
Unlike traditional investment routes such as direct ownership or futures trading, Bitcoin ETFs simplify the process, allowing both institutional and retail investors to participate in the cryptocurrency market.
This article details the fierce competition among prominent players in the financial industry to win approval for the first Bitcoin spot ETF in the United States.
grayscale
ticker: $GBTC
Grayscale, a subsidiary of Digital Currency Group (DCG), a global company that invests in and develops businesses focused on blockchain and cryptocurrencies, offers investment products that provide exposure to a variety of cryptocurrencies, including Bitcoin and Ethereum.
Since 2013, the Grayscale Bitcoin Trust (GBTC), a financial product offered by Grayscale Investments, has been one of the only ways for institutions to invest in Bitcoin.
GBTC is a publicly traded trust that holds Bitcoin, and its shares are traded on the over-the-counter (OTC) market. Trust provides a way for investors to gain exposure to Bitcoin without having to purchase and store the cryptocurrency themselves.
Among its owners is fellow ETF applicant Ark Invest.
21 weeks
ticker: Undefined
21Shares is a Swiss-based company specializing in providing investment products focused on digital assets.
Previously known as Amun AG, the company rebranded as 21Shares in February 2021. Amun was founded in 2018 by a team of financial experts, including Hany Rashwan and Ophelia Snyder, and is headquartered in Zug, Switzerland.
Since then, we have operated a series of exchange-traded products tracking various cryptocurrencies. These ETPs are traded on traditional stock exchanges, providing investors with a convenient way to gain exposure to digital assets.
21Shares offers a variety of ETPs, including Bitcoin (ABTC), Ethereum (AETH), Ripple (AXRP), and the 21Shares Crypto Basket Index ETP, providing exposure to a diverse portfolio of cryptocurrencies.
21Shares’ ETPs are listed on a variety of traditional stock exchanges, making them accessible to a wider range of investors through regular brokerage accounts.
Ark Invest
ticker: $ARKB
ARK Invest is an investment management firm known for its proactive and innovative approach to investing in disruptive technologies.
Founded by Cathie Wood in 2014, ARK Invest is widely recognized for its focus on disruptive innovation and thematic investing. It remains a notable early backer of both Bitcoin and Tesla, making it a very successful contrarian bet.
ARK Invest was founded by Wood in 2014 and manages a series of exchange-traded funds (ETFs) with a unique approach.
Representative ETFs include ARK Innovation ETF (ARKK), ARK Genomic Revolution ETF (ARKG), and ARK Next Generation Internet ETF (ARKW).
ARK Invest actively manages its portfolio, making strategic investment decisions based on research and analysis of disruptive trends.
Notably, those funds were some of the first funds to offer exposure to GBTC when it became available on OTC exchanges in 2015.
Notably, Wood is on record as predicting that Bitcoin would be worth more than $1 million over the next decade.
black stone
ticker:$GO
BlackRock is the world’s largest investment management firm, managing trillions of dollars.
Founded in 1988 as a risk management and fixed income company, it has since evolved into a global investment management conglomerate with a comprehensive suite of financial services for institutional investors, financial professionals and individual investors.
BlackRock is primarily known for its asset management business and offers a wide range of investment products, including mutual funds, exchange-traded funds (ETFs), and institutional separate accounts. The firm covers a variety of asset classes, from stocks and bonds to alternatives and multi-asset strategies.
In particular, BlackRock CEO Larry Fink has been dismissive of Bitcoin in the past, criticizing the nascent technology and its links to black market-based criminal activity.
However, this only made the news that he would be launching a Bitcoin ETF in 2023 more impactful, with Fink making it clear that he believes the only decentralized cryptocurrency has stood the test of time.
By bit
ticker: $BITB
Bitwise Asset Management is a cryptocurrency investment company specializing in cryptocurrency-based investment funds.
Founded in 2017 by Hunter Horsley and Hong Kim, Bitwise aims to provide institutional and individual investors with exposure to digital assets. The flagship fund is the Bitwise 10 Crypto Index Fund, which tracks a diverse basket of the 10 largest cryptocurrencies by market capitalization.
This fund offers investors a way to gain exposure to a wide range of digital assets with a single investment.
Bitwise actively manages the fund by regularly rebalancing its holdings to reflect market changes and match the fund’s investment strategy.
Bitwise is known for its research efforts that provide insights into the cryptocurrency market. Additionally, he was probably the only Bitcoin ETF applicant to launch a wildly successful advertising campaign with the company.Hiring a former Dos Equis spokesperson known as “the most interesting man in the world.”
Van Eck
ticker: $XBTF
VanEck is a global investment management firm founded in New York in 1955 by John C. van Eck.
Initially, the company focused on gold investment management, but over the years it expanded its services to include a variety of asset classes and investment strategies.
The company offers a variety of investment products, including mutual funds, ETFs, and other investment vehicles, but is known to specialize in commodity investing.
VanEck first applied for a Bitcoin exchange-traded fund (ETF) in 2017 and has since been one of the most active Wall Street firms seeking approval for the investment product.
wisdom tree
ticker: $BTCW
WisdomTree Investments is a global asset management firm that offers a variety of exchange-traded funds (ETFs), exchange-traded products (ETPs) and other investment solutions.
Founded by Jonathan Steinberg in 2006, the company’s goal was to create innovative investment products for investors seeking exposure to a variety of asset classes, including stocks, bonds, currencies, and alternative strategies.
WisdomTree has shown interest in the cryptocurrency space, particularly Bitcoin. The company has filed regulatory filings for a Bitcoin-related exchange-traded product (ETP).
WisdomTree’s participation in the Bitcoin ETF is part of a broader exploration of digital assets and blockchain technology.
Invesco
ticker: BTCO
Invesco Ltd. is a global investment management company that offers a variety of financial products and services.
Founded in 1935, Invesco has grown into a global investment management firm with a presence in North America, Europe, Asia Pacific and other regions.
Invesco offers a variety of investment products and services, including mutual funds, exchange-traded funds (ETFs), individually managed accounts, and institutional strategies.
Invesco has offered Invesco Physical Bitcoin, a physically backed ETP, in Switzerland since 2021 and is currently competing to launch a Bitcoin ETF.
For its US-based Bitcoin ETF, it has specifically teamed up with Galaxy Digital Holdings, a publicly traded financial services and investment management company with a focus on cryptocurrencies.
Founded by former hedge fund manager Mike Novogratz, Galaxy Digital aims to serve as a bridge between traditional finance and the emerging world of digital assets.
Galaxy’s research firm estimated the market that ETFs could address at billions of dollars.
fidelity
ticker: $FBTC
Fidelity Investments is a leading U.S.-based financial services company and one of the largest privately owned and operated firms on Wall Street.
Fidelity was founded in 1946 and is known for its focus on investment management, retirement planning, wealth management, life insurance, and other financial services.
However, the company is best known for its mutual fund offerings, offering a wide range of funds covering a variety of asset classes, investment styles, and strategies.
Fidelity has been interested in the digital asset space since 2013, when its R&D department began mining Bitcoin. Fidelity CEO Abigail Johnson famously said in 2017 that she “loves” Bitcoin.
Since then, the company has been active in the industry. Fidelity Digital Assets provides secure custody solutions for Bitcoin and other cryptocurrencies to institutional clients looking to include digital assets in their portfolios.
valkyrie
ticker: $BTF
Valkyrie Investments is a financial services company specializing in investment management in the digital asset space.
Founded in 2020 and based in the United States, the company has created funds and vehicles that provide exposure to digital assets such as Bitcoin and other cryptocurrencies.
Valkyrie Investments has filed a proposal for a Bitcoin ETF, awaiting SEC approval.
Global X
ticker: $BITS
Global
Thematic ETFs are designed to track specific investment themes or trends, giving investors targeted exposure to specific sectors or industries.
The Global
Hashdex
ticker: $DEFI
Hashdex is a cryptocurrency-focused asset management company that specializes in creating investment products centered on digital assets.
The company was founded in 2018 and is headquartered in Brazil. We mainly focus on managing cryptocurrency-related investment products. The company aims to provide investors with exposure to digital assets through regulated and structured investment vehicles.
Franklin Templeton
ticker: Not applicable
Franklin Templeton is a global investment management firm with a long history and diverse investment products and services. Founded in 1947, the company has grown to become one of the world’s leading investment management firms.
Franklin Templeton operates in more than 165 countries worldwide. The firm has offices and a network of investment professionals around the world.
The Wall Street giant offers a variety of investment products, including mutual funds, closed-end funds, separately managed accounts, and more. The company covers a variety of asset classes such as equities, fixed income, alternatives, and multi-asset strategies.
Franklin Templeton, one of the later entrants to the Bitcoin spot ETF race, is not particularly well known for ETFs. Therefore, its inclusion in the race is widely seen as a sign of Wall Street’s strong appetite for Bitcoin spot ETF product offerings.
