Dissecting the failed bitcoin ETFs and 'mild soupy' with Bitwise COO Teddy Fusaro
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Episode 9 of Season 2 of The Scoop was recorded at The Block offices with Frank Chaparro and Teddy Fusaro, COO at Bitwise. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to [email protected]
Numerous companies have sought to launch a bitcoin-tied ETF, but to date, all of them have failed in the face of regulatory resistance.
Bitwise Asset Management is one such fund manager, which withdrew its proposal for a bitcoin-linked fund after it had been filed with Securities and Exchange Commission (SEC) in January. Indeed, the fight for a bitcoin ETF dates all the way back to Cameron and Tyler Winklevoss' attempt to launch one with Cboe.
The idea behind a bitcoin ETF is that it would offer an onramp for investors who want exposure to bitcoin but are uninterested in holding BTC themselves. In this episode of The Scoop, Bitwise COO Teddy Fusaro joins us to discuss the elusive bitcoin ETF.
Fusaro and The Block's Frank Chaparro talk about:
- The history of the bitcoin ETF movement
- The reasons why regulators aren't keen on approving one, such as market manipulation and the lack of cross-exchange market surveillance
- How demand for a bitcoin ETF has translated into a premium for Grayscale's GBTC product and how traders can cash in on the premium
- Bitwise and why Fusaro views it as an asset-manager and educator in the crypto market that unearths "hard truths"
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
AUTHOR
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].
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