Morgan Creek founder Apompliano posted on social media that BlackRock is not applying for a Bitcoin ETF, but a Bitcoin trust. These products are only technically different, especially in terms of regulation and approval, but for investment The end result is similar for both. The best outcome is a real bitcoin spot ETF approved by the SEC. But this isn't an ETF, and don't think BlackRock's submission of a trust without confidence will be approved. This development has some potential consequences. GBTC may be forced to introduce daily redemptions to compete. GBTC may be forced to cut fees. Many Wall Street firms could launch fast-following products to compete with BlackRock, and the media attention could lead to money flowing into Bitcoin.