A look at SEC’s hilariously grudging approval of bitcoin ETFs and the likelihood that they will be “physical” ETFs or interest-paying ETFs in the future (Matt Levine/Bloomberg)

Matt Levine / Bloomberg:
A look at SEC's hilariously grudging approval of bitcoin ETFs and the likelihood that they will be “physical” ETFs or interest-paying ETFs in the future  —  A store of value, grudging SEC statements, interest-paying Bitcoin ETFs, in-kind creation, plus the BTFP rates arbitrage and Griftco.