$150 Billion Later: The Truth About Bitcoin ETFs and Who’s Buying
August 15, 2025
On this episode of The Last Trade, a show from Onramp Media hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis, Bloomberg analyst James Seyffart discusses the spot bitcoin ETF launch and its uptake, BlackRock's role, the macro backdrop, custody concentration, and what 13F filings show about institutional ownership. The views are the guest's own and are not investment advice from Onramp.
Bloomberg's James Seyffart joins The Last Trade hosts Jackson Mikalic, Michael Tanguma, and Brian Cubellis to discuss the spot bitcoin ETF launch and its record uptake, why parts of traditional finance still struggle with bitcoin, BlackRock's role, the macro backdrop of debt and inflation, custody concentration, digital asset treasury companies, 13F filings and institutional ownership trends. The Last Trade is editorial commentary from Onramp Media and is not investment advice.
Chapters
00:00 - Introduction to James Seyffart of Bloomberg 04:23 - Background & Path to Covering Bitcoin 11:19 - Inside Bloomberg’s Crypto Coverage 15:26 - Spot Bitcoin ETF Launch & Record-Breaking Success 21:01 - Why TradFi Still Struggles with Bitcoin 28:09 - BlackRock’s Pivotal Role 34:44 - Sound Money Renaissance: Bitcoin & Gold 42:43 - Macro Context: Debt, Inflation & Asset Valuations 51:48 - Custody Concentration and the Coinbase Discussion 56:53 - Digital Asset Treasury Companies (DATs) 1:03:41 - 13F Filings & Institutional Ownership Trends 1:11:51 - Vanguard's Reported Position on Bitcoin 1:16:38 - Looking Ahead: Flows, Custody, and Market Integration 1:20:45 - Closing Thoughts, Outro and Disclaimers
Full transcript
Frequently Asked Questions
What does James Seyffart say about the spot bitcoin ETF launch?
Seyffart covers the launch and what he describes as its record-breaking uptake (15:26), why parts of traditional finance still struggle with bitcoin (21:01), and BlackRock's role (28:09). This is the guest's analysis, not investment advice from Onramp.
What does the episode cover on custody concentration?
One segment discusses custody concentration and the Coinbase question (51:48), and a closing segment looks ahead at flows, custody and market integration (01:16:38). These are the participants' views.
What does the episode say about institutional ownership?
Segments cover digital asset treasury companies (56:53), 13F filings and institutional ownership trends (01:03:41), and Vanguard's reported position on bitcoin (01:11:51). Positions attributed to named firms are as discussed on the episode.
Does the episode discuss macro conditions?
Yes. Segments cover what the participants call a sound money renaissance across bitcoin and gold (34:44) and the macro context of debt, inflation and asset valuations (42:43). This is the show's framing, not investment advice from Onramp.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.