Crypto News
A List of Every Wall Street Giant Seeking to Launch a Bitcoin ETF

As soon as January, a Bitcoin spot ETF could be live in the U.S. – but while that much appears likely, it remains to be seen which specific investment vehicles will be approved.
Indeed, in advance of the January 10 deadline, anticipation is high, with over 12 applicants ranging from disruptive Bitcoin companies to some of the most well-known names in global finance.
The prize is the potential to provide investors with a regulated and accessible vehicle to the world’s leading cryptocurrency.
Unlike traditional investment routes, such as direct ownership or futures trading, a Bitcoin ETF simplifies the process, allowing a broader range of investors, both institutional and retail, to participate in the crypto market.
This article delves into the intense competition among prominent players in the financial industry as they seek approval for the first Bitcoin spot ETF in the U.S.
Grayscale
Logo of Bitcoin ETF applicant Grayscale.
TICKER: $GBTC
A subsidiary of Digital Currency Group (DCG), a global enterprise that invests in and develops businesses focused on blockchains and cryptocurrencies, Grayscale offers investment products that provide exposure to various cryptocurrencies, including Bitcoin, Ethereum, and others.
Since 2013, the Grayscale Bitcoin Trust (GBTC) is a financial product offered by Grayscale Investments that 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 over-the-counter (OTC) markets. The trust provides a way for investors to gain exposure to Bitcoin without having to buy and store the cryptocurrency directly.
Among its owners are Ark Invest, a fellow ETF applicant.
21Shares
Logo of Bitcoin ETF applicant 21 Shares.
TICKER: TBD
21Shares is a Swiss-based company that specializes in providing investment products focused on digital assets.
Formerly known as Amun AG, the company rebranded to 21Shares in February 2021. Amun was founded in 2018 by a team of financial professionals, including Hany Rashwan and Ophelia Snyder, and it is headquartered in Zug, Switzerland.
Since then it has 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 range of ETPs, including Bitcoin (ABTC), Ethereum (AETH), Ripple (AXRP), and the 21Shares Crypto Basket Index ETP, offering exposure to a diversified portfolio of cryptos.
21Shares’ ETPs are listed on various traditional stock exchanges, making them accessible to a broader range of investors through regular brokerage accounts.
Ark Invest
The logo of Bitcoin ETF applicant Ark Invest.
TICKER: $ARKB
ARK Invest is an investment management firm known for its active and innovative approach to investing in disruptive technologies.
Founded by Cathie Wood in 2014, ARK Invest has since gained widespread recognition for its focus on disruptive innovation and thematic investing. It remains a notable early backer of both Bitcoin and Tesla, wildly successful contrarian bets.
ARK Invest was founded by Wood in 2014 and manages a series of exchange-traded funds (ETFs) that align with its unique approach.
Some of the flagship ETFs include ARK Innovation ETF (ARKK), ARK Genomic Revolution ETF (ARKG), and ARK Next Generation Internet ETF (ARKW).
ARK Invest actively manages its portfolios, making strategic investment decisions based on its research and analysis of disruptive trends.
Notably, its funds were some of the first to offer exposure to GBTC when it in 2015 it was available on OTC exchanges.
Wood, in particular, is on the record as predicting Bitcoin will come to be worth over $1 million over the coming decade.
BlackRock
The logo of Bitcoin ETF applicant Blackrock.
TICKER: $IBIT
BlackRock is the world’s largest investment management firm with trillions of dollars under management.
Founded in 1988 as a risk management and fixed income outfit, it has since evolved into a global investment management giant with a comprehensive suite of financial services for institutional investors, financial professionals, and individual investors.
BlackRock is primarily known for its asset management business, offering a wide range of investment products, including mutual funds, exchange-traded funds (ETFs), and institutional separate accounts. The firm covers various asset classes, from equities and fixed income to alternatives and multi-asset strategies.
Notably, BlackRock CEO Larry Fink has been dismissive of Bitcoin in the past, criticizing the nascent technology and its links to dark market-based criminal activity.
However, this only made the news it would launch a Bitcoin ETF in 2023 more impactful, with Fink making clear he believes the only decentralized cryptocurrency has stood the test of time.
Bitwise
The logo of Bitwise, a Bitcoin ETF applicant.
TICKER: $BITB
Bitwise Asset Management is a cryptocurrency investment firm that specializes in crypto-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. Its flagship fund is the Bitwise 10 Crypto Index Fund, which tracks a diverse basket of the ten largest cryptocurrencies by market capitalization.
This fund offers investors a way to gain exposure to a broad range of digital assets in a single investment.
Bitwise actively manages the fund by regularly rebalancing its holdings to reflect changes in the market and ensure alignment with the fund’s investment strategy.
Bitwise is known for its research efforts, providing insights into the cryptocurrency market. Further, it has been perhaps the only Bitcoin ETF applicant to launch an ad campaign that was been wildly successful, with the company hiring the former Dos Equis spokesperson, known as “The Most Interesting Man in the World.”
VanEck
The logo of Bitcoin ETF applicant VanEck.
TICKER: $XBTF
VanEck is a global investment management firm founded in 1955 by John C. van Eck in New York City.
Initially, the firm focused on managing gold investments, but over the years, it has expanded its offerings to include a diverse range of asset classes and investment strategies.
The firm provides a variety of investment products, including mutual funds, ETFs, and other investment vehicles, but is known for specializing in commodity investing.
VanEck first filed for a Bitcoin exchange-traded fund (ETF) in 2017, and has since been one of the most active Wall Street firms in the quest to have the investment product approved.
Wisdomtree
The logo of Bitcoin ETF applicant Wisdomtree.
TICKER: $BTCW
WisdomTree Investments is a global asset management company that offers a range of exchange-traded funds (ETFs), exchange-traded products (ETPs), and other investment solutions.
Founded in 2006 by Jonathan Steinberg, the goal of the company was to create innovative investment products for investors seeking exposure to various asset classes including equities, fixed income, currencies, and alternative strategies.
WisdomTree has shown interest in the cryptocurrency space, particularly Bitcoin. The company has submitted regulatory filings for Bitcoin-related exchange-traded products (ETPs).
WisdomTree’s involvement in Bitcoin ETFs is part of its broader exploration of digital assets and blockchain technology.
Invesco
The logo for Bitcoin ETF applicant Invesco.
TICKER: BTCO
Invesco Ltd. is a global investment management company with a diverse range 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 provides a wide array of investment products and services, including mutual funds, exchange-traded funds (ETFs), separately managed accounts, and institutional strategies.
Since 2021, Invesco has offered Invesco Physical Bitcoin, a physically backed ETP out of Switzerland, and is currently vying to launch a Bitcoin ETF.
For the Bitcoin ETF in the US, it has notably teamed with Galaxy Digital Holdings, a publicly listed financial services and investment management firm focused on cryptocurrency.
Founded by former hedge fund manager Mike Novogratz, Galaxy Digital aims to be a bridge between traditional finance and the emerging world of digital assets.
Galaxy’s research firm has estimated the addressable market for the ETF in the billions.
Fidelity
The logo of Fidelity Investments, a Bitcoin ETF applicant.
TICKER: $FBTC
Fidelity Investments is a leading financial services company based in the United States, 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 mutual fund offerings, offering a wide range of funds covering various asset classes, investment styles, and strategies.
Fidelity has been interested in the digital asset space since 2013, when its R&D divisions began mining Bitcoin, its CEO Abigail Johnson saying famously 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, catering to institutional clients looking to include digital assets in their portfolios.
Valkyrie
A logo for Bitcoin ETF applicant Valkyrie.
TICKER: $BTF
Valkyrie Investments is a financial services firm 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 submitted proposals for a Bitcoin ETF, awaiting approval from the SEC.
Global X
The logo for Bitcoin ETF applicant Global X.
TICKER: $BITS
Global X ETFs is a well-known provider of exchange-traded funds (ETFs) with a focus on thematic investing.
Thematic ETFs are designed to track specific investment themes or trends, providing investors with targeted exposure to particular sectors or industries.
Global X ETFs covers a wide range of themes, including AI, renewable energy, e-commerce, and more.
Hashdex
The logo for Bitcoin ETF applicant Hashdex.
TICKER: $DEFI
Hashdex is a crypto-focused asset management company that specializes in creating investment products centered around digital assets.
The company was founded in 2018 and is headquartered in Brazil. It primarily focuses on managing investment products related to cryptocurrencies. The company aims to provide investors with exposure to digital assets through regulated and structured investment vehicles.
Franklin Templeton
The logo of Bitcoin ETF applicant Franklin Templeton.
TICKER: N/A
Franklin Templeton is a global investment management firm with a long history and a diverse range of investment products and services. Founded in 1947, it has grown into one of the world’s leading investment management companies.
Franklin Templeton operates globally, with a presence in over 165 countries. The firm has a network of offices and investment professionals around the world.
The Wall Street giant offers a wide array of investment products, including mutual funds, closed-end funds, separately managed accounts, and more. The firm covers various asset classes, such as equities, fixed income, alternatives, and multi-asset strategies.
One of the later entrants into the Bitcoin spot ETF race, Franklin Templeton is not particularly well-known for ETFs. As such, its inclusion in the race is widely seen as a sign of strong Wall Street appetite for a Bitcoin spot ETF product offering.
Bitcoin spot ETFs could soon be approved by the SEC – here’s a list of every major Wall Street applicant from BlackRock to Fidelity.
Crypto News
Proton Wallet — Now Available To Everyone — Is A Great Starter Self-Custodial Bitcoin Wallet

In July of last year, Swiss privacy tech company Proton (makers of Proton Mail) announced it would be launching its own bitcoin wallet — Proton Wallet.
I (along with about 100,000 other users) was given early access to the wallet to test it out and was impressed with the wallet’s user interface. I particularly liked that it allows you to link a user’s email address to their bitcoin address so that you only need to input the email address when sending bitcoin.
You can read my review of the wallet here.
Now that the wallet is available to the general public, I will recommend it to anyone I know who’s finally ready to move their bitcoin out of the hands of an exchange and into their own custody. I’ll also recommend it to anyone looking to make semi-regular bitcoin payments on-chain with a relatively small amount of bitcoin.
My reasons for recommending the wallet are as follows:
- It’s free to use (users can create up to three wallets and have up to three accounts in each wallet, which is sufficient for most users — more on that here; to create more wallets or accounts, Proton charges a fee)
- It’s easy to set up (you aren’t required to write down the 12-word seed phrase when you set up the wallet; however, it’s good practice to do so!)
- Like Proton Mail, Proton has no access to Proton Wallet user data, nor does it have access to its users’ private bitcoin keys
- Using an email address (which doesn’t have to be a Proton Mail address) to send bitcoin reduces the likelihood of inputting the wrong bitcoin address into the recipient field of a transaction
- You can select the priority speed of a transaction when sending bitcoin
- You can purchase bitcoin via Ramp or Banxa using Proton Wallet, enabling the bitcoin you purchase to be transferred directly into your custody
The only downsides to the wallet is that it doesn’t support Lightning transactions (consider the Breez SDK, Proton team!), and it doesn’t let you manage your UTXOs (loose change from bitcoin transactions, in layperson’s terms).
The latter isn’t super important, though, as, again, I’d recommend this wallet to those new to bitcoin self custody. UTXO management is more of a practice for moderate to advanced Bitcoin users.
All in all, Proton has created yet another fine product here for its 100 million users and counting, and it’s one that I’ll be recommending to Bitcoin newbies moving forward.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Proton Wallet is well-suited for anyone looking to begin their bitcoin self custody journey and/or anyone looking to make semi-frequent payments on-chain while managing a relatively small bitcoin stack.
Crypto News
El Salvador Is Still Bitcoin Country

El Salvador is still Bitcoin country, despite the fact that bitcoin is no longer legal tender in the country — at least from where I’m sitting.
Let’s start with some background on the matter.
On January 29, 2025, the Legislative Assembly in El Salvador voted to remove bitcoin’s status as legal tender.
This means that businesses in the country no longer have to accept bitcoin (not that this rule was ever strictly enforced while bitcoin was classified as legal currency, as far as I know; however, I have been told that big businesses that operate in the country (e.g., McDonalds, Walmart) may stop accepting bitcoin as payment now, which could have a detrimental effect on adoption).
This change occurred approximately one month after the International Monetary Fund (IMF) struck a deal with authorities in El Salvador that stipulated the following:
- El Salvador would receive a $1.4 billion loan to support the government’s “reform agenda”
- Bitcoin-related risks be mitigated; bitcoin acceptance in the private sector must be voluntary, while the public sector’s participation in Bitcoin-related activities would be “confined” (bitcoin can no longer be used to settle government debts or pay taxes)
- Operations for the government-created Bitcoin wallet, Chivo, would be “unwound”
While the news of the Salvadoran government’s reversing its policy on bitcoin as legal tender as a result of influence from the IMF feels like a gut punch even to me, someone who isn’t Salvadoran and doesn’t live in the country, I can’t help but believe that El Salvador is still Bitcoin country.
And this feeling has only grown stronger based on what I’ve seen Bitcoiners in El Salvador posting on X.
Evelyn Lemus, co-founder and Director of Education at Bitcoin Berlin, a Bitcoin circular economy within the country, doesn’t plan to stop teaching everyday Salvadorans about Bitcoin.
Just saying it out loud.
Bitcoiners will not stop teaching about Bitcoin and making the adoption happen just because Bitcoin is not legal tender anymore. This means we need to keep pushing harder and keep doing what we do 🇸🇻
LFG🙌
Bitcoin in the hands of people 🫡 pic.twitter.com/hnMpJmL5c7— Evelyn Lemus (@Evelynlemus2906) February 2, 2025
The team at Bit Driver don’t plan to change their business model — accepting bitcoin as taxi fare — any time soon.
We’re still a Bitcoin a company.
— Bitdriver (@bitdriver_sv) February 2, 2025
While John Dennehy, founder of Mi Primer Bitcoin, expressed concern about the government of El Salvador’s rolling back its policy on bitcoin as legal currency, he and the ever-growing team at Mi Primer Bitcoin plan to double down on the work they’re doing.
Good morning from El Salvador!
We are now in DAY NINE since the government rescinded Bitcoin as legal tender, at the request of the IMF (effective after 90 days)
This means grassroots, independent Bitcoin education is now MORE important than ever
In response, at… pic.twitter.com/iTXdf0gAoL
— John Dennehy (@jdennehy_writes) February 7, 2025
The legendary Max and Stacy haven’t publicly voiced any plans to give up on El Salvador anytime soon.
And El Salvador’s Bitcoin Office, run by Stacy, is still stacking bitcoin and helping to run Bitcoin education programs in the country.
🇸🇻EL SALVADOR STACKS ANOTHER 1 BTC TO STRATEGIC RESERVE
El Salvador is still stacking.
Every day.
➡️Total SBR Holdings: 6,071.18 BTC
➡️Total Added Today: +1 BTC
➡️Total Added Past 7 Days: +22 BTC
➡️Total Added Past 30 Days: +60 BTC… pic.twitter.com/y4kv2693BX— The Bitcoin Office (@bitcoinofficesv) February 7, 2025
The lesson here is that while the law around Bitcoin may have changed in El Salvador, the Bitcoiners on the ground in the country have hardly flinched.
Because we are Bitcoin, what matters most is that everyday Salvadorans and everyone else involved in the Bitcoin movement in El Salvador continues to push forward with the Bitcoin mission.
The IMF may have landed a blow, but Bitcoiners in El Salvador remain steadfast in their efforts to foster broader Bitcoin adoption.
El Salvador is still Bitcoin country.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Bitcoin may no longer be legal tender in El Salvador, but Bitcoiners in the country haven’t given up on the mission.
Crypto News
Introducing the Bitcoin Everything Indicator

Wouldn’t it be great if we had one all-encompassing metric to guide our Bitcoin investing decisions? That’s precisely what has been created, the Bitcoin Everything Indicator. Recently added to Bitcoin Magazine Pro, this indicator aims to consolidate multiple metrics into a single framework, making Bitcoin analysis and investment decision-making more streamlined.
For a more in-depth look into this topic, check out a recent YouTube video here: The Official Bitcoin EVERYTHING Indicator
Why We Need a Comprehensive Indicator
Investors and analysts typically rely on various metrics, such as on-chain data, technical analysis, and derivative charts. However, focusing too much on one aspect can lead to an incomplete understanding of Bitcoin’s price movements. The Bitcoin Everything Indicator attempts to solve this by integrating key components into one clear metric.
The Core Components of the Bitcoin Everything Indicator
Bitcoin’s price action is deeply influenced by global liquidity cycles, making macroeconomic conditions a fundamental pillar of this indicator. The correlation between Bitcoin and broader financial markets, especially in terms of Global M2 money supply, is clear. When liquidity expands, Bitcoin typically appreciates.
Fundamental factors like Bitcoin’s halving cycles and miner strength play an essential role in its valuation. While halvings decrease new Bitcoin supply, their impact on price appreciation has diminished as over 94% of Bitcoin’s total supply is already in circulation. However, miner profitability remains crucial. The Puell Multiple, which measures miner revenue relative to historical averages, provides insights into market cycles. Historically, when miner profitability is strong, Bitcoin tends to be in a favorable position.
On-chain indicators help assess Bitcoin’s supply and demand dynamics. The MVRV Z-Score, for example, compares Bitcoin’s market cap to its realized cap (average purchase price of all coins). This metric identifies accumulation and distribution zones, highlighting when Bitcoin is overvalued or undervalued.
Another critical on-chain metric is the Spent Output Profit Ratio (SOPR), which examines the profitability of coins being spent. When Bitcoin holders realize massive profits, it often signals a market peak, whereas high losses indicate a market bottom.
The Bitcoin Crosby Ratio is a technical metric that assesses Bitcoin’s overextended or discounted conditions purely based on price action. This ensures that market sentiment and momentum are also accounted for in the Bitcoin Everything Indicator.
Network usage can offer vital clues about Bitcoin’s strength. The Active Address Sentiment Indicator measures the percentage change in active addresses over 28 days. A rise in active addresses generally confirms a bullish trend, while stagnation or decline may signal price weakness.
How the Bitcoin Everything Indicator Works
By blending these various metrics, the Bitcoin Everything Indicator ensures that no single factor is given undue weight. Unlike models that rely too heavily on specific signals, such as the MVRV Z-Score or the Pi Cycle Top, this indicator distributes influence equally across multiple categories. This prevents overfitting and allows the model to adapt to changing market conditions.
Historical Performance vs. Buy-and-Hold Strategy
One of the most striking findings is that the Bitcoin Everything Indicator has outperformed a simple buy-and-hold strategy since Bitcoin was valued at under $6. Using a strategy of accumulating Bitcoin during oversold conditions and gradually selling in overbought zones, investors using this model would have significantly increased their portfolio’s performance with lower drawdowns.
For instance, this model maintains a 20% drawdown compared to the 60-90% declines typically seen in Bitcoin’s history. This suggests that a well-balanced, data-driven approach can help investors make more informed decisions with reduced downside risk.
Conclusion
The Bitcoin Everything Indicator simplifies investing by merging the most critical aspects influencing Bitcoin’s price action into a single metric. It has historically outperformed buy-and-hold strategies while mitigating risk, making it a valuable tool for both retail and institutional investors.
For more detailed Bitcoin analysis and to access advanced features like live charts, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
A Single Metric to Rule Them All – The Bitcoin Everything Indicator combines multiple key metrics into one comprehensive tool for better investment decisions.
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