The Block spoke with Sui Chung, CEO of CF Benchmarks, which provides the index set to be used by BlackRock, Valkyrie and WisdomTree's proposed spot bitcoin ETFs.
How is this latest filing ETF different from ones that have been tried in the past? Ones that didn't receive approval?: CF Benchmarks has been involved in more bitcoin ETF filings than any other company in the world. Of the 13 filings I think there have ever been, seven have used a CF Benchmarks index.
. That has never featured in any previous 19-b4 by any national stock exchange in the U.S. attempting to rule change to allow a bitcoin ETF. So that is the thing that is different.: It seeks to address the Commission's concerns that it has previously stated in its disapprovals of other 19-b4 processes.
That's quite a lot of capital. And of course, it's an ETF, so therefore it's effectively a long-only vehicle. So everyone that subscribes to shares in the ETF, because of the creation/redemption mechanism, you never have a shortage of shares of the ETF. Every time you create a share of ETF you go out and buy some bitcoin.
Even if you are someone who is familiar and comfortable with self custody, with using crypto exchanges, for most people there is a portion of their wealth sat inside a certain wrapper, in the U.S. a 401 being the most popular. You can only use that money to buy certain types of instruments. ETFs are one of them. It doesn't say you can't buy bitcoin ETFs. You can buy whatever ETF you want.
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