Over the past decade, about 30 spot Bitcoin exchange-traded fund applications have been swatted aside by the US Securities and Exchange Commission. The outlook appeared dire. And then a surprise filing by BlackRock Inc. in mid-June seemed to change the mood. A rush of new applications and amendments to existing proposals soon followed. And Ophelia Snyder—co-founder and president of 21Shares, who had re-filed a spot Bitcoin ETF application with ARK Invest in April—was in the mix again.

On this episode of Trillions, Eric Balchunas and Joel Weber dive into the never-ending race for a Bitcoin ETF, joined by Snyder and James Seyffart, an ETF analyst with Bloomberg Intelligence. The group discusses the new attention on market surveillance, what Coinbase’s involvement means, the odds of any of these applications actually getting approved—and the size of the potential market.