Multiple spot bitcoin ETFs or only BlackRock? Will the SEC play ‘king-maker’?

For right now, “it’s BlackRock,” says On the Margin co-host Mark Yusko

article-image

WildStrawberry/Shutterstock modified by Blockworks

share

“575 to one,” says Mike Ippolito. “I definitely like those odds.”

BlackRock has an impressive history for ETF approvals. Based on that track record, the outlook for the asset manager’s spot bitcoin ETF application looks bright.

But what about all the other companies that have joined the ETF queue?

On the Margin podcast (Spotify/Apple) host, Ippolito says “Usually, the SEC, they don’t like to just approve one.”

“BlackRock is about as connected as you can possibly be,” says Ippolito, but such an action would implicate the SEC as a sort of “king-maker in the market.” 

Ippolito suggests the regulatory agency will likely approve multiple different ETF issuers to ensure they are not perceived as “putting their finger on the scales.”

Initially, co-host Mark Yusko concurs, saying that when a number of companies applied for bitcoin futures ETFs last year, the SEC approved three, with the first granted to ProShares

Recently, the SEC added approval for the first leveraged bitcoin futures ETF, which was launched by Volatility Shares in June.

But a spot bitcoin ETF differs from futures in that it is “physically backed” by the asset. Pricing is determined in accordance with the current — or spot market — value of the asset rather than as a cash-settled derivative that relies on future price predictions. 

“It wouldn’t surprise me if they did give it to a couple others,” Yusko, the founder, CEO and CIO of Morgan Creek Capital, says.

But Yusko admits he’s “leaning toward” the likeliness that the agency takes a similar approach around the introduction of gold futures in 2004.

Initially, the SEC granted exclusive approval for the SPDR gold shares ETF under the GLD ticker, enabling them to gobble up the lion’s share of the market. “There’s no real alternative to GLD,” Yusko says. 

“Now, the other ones that have gold ETFs say, ‘No, no, we have one.’” 

“No, you don’t. There’s GLD — and everybody else.”

“Maybe at some point they’ll approve other ones,” he says.

Yusko then considers the possibility that the SEC might cave to public cynicism concerning the notion of unfairly offering exclusive approval to BlackRock. He suggests they may approve VanEck’s application, being that they are a “reputable group”— but not any of the “newbies,” like Bitwise.

“I would love for them to get approved,” he says.

“I would love for Arca to get approved. I’d love for the twins to get approved,” he says. But for right now, he says, “it’s BlackRock.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

With $30 million in funding and EverQuest’s creator at the helm, it’s possible, but not guaranteed

article-image

As Satoshi-era wallets saw over $8 billion worth of BTC on the move, Congress is gearing up for “Crypto Week”

article-image

Bitcoin’s runaway success was partly driven by Slashdot

article-image

Blockworks Research data shows that VC spending is back on the rise after a slow May

article-image

After rejecting a bid from the AI cloud-computing startup last year, Core Scientific agreed to be acquired in a deal expected to close by Q4 2025

article-image

Sponsored

Plume’s collaboration with TRON will unlock cross-chain RWA yield for one of the world’s largest blockchain ecosystems