An ETF is a publicly traded investment vehicle that tracks the value of an underlying asset; in the case of the Bitcoin ETF, that asset is Bitcoin. Advocates of Bitcoin ETFs argue that the complexity of exchanges, crypto wallets and private keys still poses a huge barrier to newcomers entering the crypto space. A Bitcoin ETF would allow these investors to gain exposure to Bitcoin without actually holding their own cryptocurrency.
The U.S. Securities and Exchange Commission (SEC) approved the first batch of 10 spot Bitcoin ETFs on January 10, and they all began trading on January 11 . Here's a rundown of all the spot Bitcoin ETFs currently trading in the U.S., as well as a look at futures ETFs and their changes.
In June 2023, BlackRock, the world's largest asset management company (with more than $9 trillion in assets under management as of the first quarter of 2023), shocked the TradFi world by submitting an application for a Bitcoin spot ETF. The iShares Bitcoin Trust (IBIT), now listed on Nasdaq, is one of the most closely watched Bitcoin ETFs on the market, with a standard fee of 0.25%.
BlackRock, however, lowered fees to 0.12% for the first $5 billion in assets or 12 months, whichever comes first. BlackRock uses Coinbase as its cryptocurrency custodian and spot market data provider, and BNY Mellon as its cash custodian. The company has also designated J.P. Morgan Securities, Jane Street Capital, Macquarie Capital and Virtu Americas as authorized participants.
Cryptocurrency investment fund manager Grayscale’s GBTC Bitcoin Trust manages more than 600,000 BTC (worth nearly $28 billion at today’s prices) and has made no secret of its desire to convert the trust to The desire for a mature Bitcoin spot ETF. In fact, as Chairman Gary Gensler reluctantly admitted, it was Grayscale's legal push that helped turn the SEC around.
As an ETF listed on NYSE Arca, GBTC has the highest fees among U.S. spot Bitcoin ETFs at 1.5%, which is actually down slightly from the 2% GBTC fee before the switch. Analysts said the high fees may be an effort to prevent GBTC owners from selling their shares and buying another ETF, which could come with a significant tax hit.
Grayscale may also believe that despite its high fees, its long track record and large Bitcoin holdings will deter investors from looking elsewhere. Coinbase serves as the cryptocurrency custodian and index provider, and BNY Mellon serves as the administrator. Jane Street, Virtu Americas, Macquarie Capital and ABN AMRO Clearing are authorized participants.
Bitcoin ETF applications surged in March 2021, including for Fidelity’s Wise Origin Bitcoin Trust, which is perhaps unsurprising given that just a few weeks ago its global macro director Jurrien Timmer says Bitcoin has “unique advantages” over gold.
Uniquely, Fidelity has chosen to self-custody the Bitcoin underlying the ETF, rather than using Coinbase or Gemini. The Fidelity Wise Origin Bitcoin Trust trades on Cboe’s BZX with a standard fee of 0.25%, but Fidelity is waiving that fee until August 1, 2024. Authorized participants include Jane Street, J.P. Morgan Securities, Macquarie and Virtu Americas.
Bitwise on An application for a spot Bitcoin ETF was first submitted in October 2019, but like many other applications, it was rejected by the SEC. But Bitwise persevered and was the first to look to launch an ad campaign related to a Bitcoin ETF, hiring actor Jonathan Gos best known for playing "The Funniest Man in the World" on Dos Equis Jonathan Goldsmith to deliver his "Bitwise is fun" message.
Bitwise Bitcoin ETF is now online on NYSE Arca. Its fee is currently the lowest among all spot products at 0.20%, but Bitwise is completely exempt from the top 10 billion in assets or expenses over a six-month period, whichever comes first. Coinbase is the cryptocurrency custodian, while BNY Mellon serves as both administrator and fiduciary custodian. Jane Street, Macquarie and Virtu Americas are all authorized participants.
New York-based asset management firm WisdomTree already has experience operating a Bitcoin ETF; it launched a Bitcoin ETF in 2019 on SIX Swiss Exchange. It joined the ranks of candidates for a U.S. Bitcoin ETF in March 2021, filing an S-1 with the SEC proposing to list shares of the WisdomTree Bitcoin Trust on the Cboe BZX Exchange under the ticker BZX BTCW.
The WisdomTree Bitcoin Fund is now listed on Cboe under the ticker BTCW and charges a standard fee of 0.3%, although like Bitwise, the company is in the top six This fee is completely waived in March or until assets worth $1 billion are traded, whichever comes first. Coinbase is once again the cryptocurrency custodian here, while State Street Bank & Trust Bank is the administrator and cash custodian. Jane Street, Virtu Americas and Macquarie Capital have signed on as authorized participants.
Galaxy Digital and Invesco jointly applied for a Bitcoin ETF in September 2021, called Invesco Galaxy Bitcoin ETF. Its ETF will also be “physically backed” by Bitcoin, rather than through derivatives such as futures, according to the filing. Invesco is the fourth-largest ETF provider in the United States, so it has a long track record before Bitcoin was launched.
Invesco Galaxy Bitcoin ETF (BTCO) currently trades on Cboe BZX with a standard fee of 0.39%, although like other firms on the list, these firms will Bears all sponsor expenses for the first six months of operation, with assets valued at up to $5 billion. BNY Mellon is the transfer agent and cash custodian, while Coinbase will handle cryptocurrency custody. JP Morgan Securities, Jane Street, Virtu Americas and Marex Capital Markets are authorized participants.
Asset management firm Valkyrie is a recent entrant into the race, submitting its first Bitcoin ETF application in January 2021. Now, the Valkyrie Bitcoin Fund is trading under the ticker BRRR, an interesting allusion to the “money printing press brrr” meme, referring to the Federal Reserve pumping ample cash into the economy. This is sure to please some Bitcoin diehards.
The ETF trades on Nasdaq and has a standard fee of 0.25%, but Valkyrie waives the sponsor fee entirely for three months. The Valkyrie Bitcoin Fund uses Coinbase as the prime broker and Bitcoin custodian, while US Bank is the cash custodian. Jane Street and Cantor Fitzgerald & Co. have signed on as authorized participants.
Ark Invest, an investment firm led by Cathie Wood, submitted an application for the Ark 21Shares ETF in June 2021. Ark Invest has partnered with Swiss ETF provider 21Shares AG to launch the Ark 21Shares Bitcoin ETF; it trades on Cboe’s BZX exchange under the ticker ARKB.
ARKB ETF is nearly on par with Bitwise's low 0.21% fee, and like other companies, these companies will waive sponsor fees entirely for six months, or until its assets reach $1 billion (whichever comes first). Coinbase is the cryptocurrency custodian, and Jane Street, Macquarie, and Virtu Americas are authorized participants.
VanEck was one of the earliest applicants for a Bitcoin ETF. Its first foray into a Bitcoin ETF — the VanEck SolidX Bitcoin Trust in partnership with SolidX — began back in 2018. The “HODL” code refers to common Bitcoin lingo; it dates back to a misspelling of the word “hold” in a 2013 BitcoinTalk forum post. VanEck also donates 5% of the fund’s profits to Bitcoin Core developers.
While most other applicants have designated Coinbase as the Bitcoin custodian underpinning their ETFs, VanEck has chosen rival exchange Gemini to host its Bitcoins. . The VanEck Bitcoin Trust trades on Cboe with a 0.25% fee, and Jane Street, Virtu Americas and ABN AMRO Clearing are authorized participants.
Franklin Templeton, one of the world's largest asset managers with approximately $1.4 trillion in assets under management, joined the race for a spot Bitcoin ETF in September 2023. The ETF's shares are listed on the Cboe BZX exchange, and like most applicants, cryptocurrency exchange Coinbase is the fund's custodian.
The Franklin Bitcoin ETF, which trades under the ticker EZBC, is available now and has a fee of 0.29%, which is in the middle of the pack among current spot ETFs. There is no significant discount for early investors. Jane Street and Virtu Americas are listed as authorized participants.
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