Original Title: "12 Largest Spot & Futures Bitcoin ETFs"

Original Author: CoinGecko's Miguel Benitez

Translated by: Odaily Planet Daily

Bitcoin ETF has always been one of the most anticipated developments in the cryptocurrency industry.

Although Bitcoin ETFs are already traded in countries such as Canada, Brazil, and Europe, the spot Bitcoin ETF in the US market still faces regulatory obstacles. However, there are several popular futures-based ETFs and multiple spot ETF applications awaiting approval from the SEC in the US.

ProShares Bitcoin Strategy ETF is the first Bitcoin ETF traded on major exchanges in the United States. It was launched in the fourth quarter of 2021, at the peak of the bull market. Currently, the ETF holds 35,890 bitcoins, making it the oldest and largest fund in the field. Two of the top 12 Bitcoin ETFs (which hold 16.6% of the assets of Bitcoin ETFs) are managed by ProShares and can be traded in the United States.

With the appearance of more and more ETFs and ETPs globally, the amount of Bitcoin held by investment tools is increasing every year. Overall, the top 12 Bitcoin ETFs hold 102,619 Bitcoins, slightly less than 0.5% of the total Bitcoin supply (21 million). Due to regular rebalancing, the amount of Bitcoin held by ETFs follows the changes in its price. The frequency of ETF rebalancing can range from daily to yearly. For example, Purpose Bitcoin ETF (BTCC) rebalances monthly, while the S&P 500 index (SP 500) rebalances quarterly.

Top 12 Bitcoin Spot and Futures ETFs

The tradable Top 12 Bitcoin spot and futures ETFs are as follows:

Bitcoin ETFs outside the United States

Actually, several countries have already approved Bitcoin ETFs for direct investment before the United States, among which the top-ranked spot Bitcoin ETFs include:

- Purpose Bitcoin ETF（BTCC）

Purpose Bitcoin ETF was launched in February 2021 and is the first spot Bitcoin ETF in North America. As of September 2023, it currently holds over 25,000 bitcoins. The ETF trades on the Toronto Stock Exchange and has been very popular, with assets under management exceeding $1.1 billion.

- 3 iQ CoinShares Bitcoin ETF（BTCQ）

This is another Canadian Bitcoin ETF, also traded on the Toronto Stock Exchange, holding over 21,000 bitcoins as of September 2023.

- QBTC 11 by QR Asset Management（QBTC 11）

The first Bitcoin ETF in Latin America was launched on the Brazilian Stock Exchange in June 2021. As of September 2023, QBTC 11 ETF currently holds 727 bitcoins.

These Bitcoin ETFs' success demonstrates strong investor demand. At the same time, compared to Bitcoin's market value of about $1 trillion, the size of ETFs undoubtedly has a lot of room for growth. This may also indicate that once a US spot ETF is launched, there will be significant room for Bitcoin price growth.

What is the current status of the US Bitcoin ETF for spot trading?

Although Bitcoin futures ETFs already exist in the United States, the prospects for spot Bitcoin ETFs remain uncertain. One of the main reasons for the lack of spot ETFs in the United States is regulatory concerns. The SEC has repeatedly rejected applications for Bitcoin spot ETFs, citing concerns about the liquidity, custody, and potential for price manipulation in the Bitcoin market.

However, recently multiple applications from global asset management companies have been published in the Federal Register, taking a step closer to final approval. Some of these have been formally accepted for review and have begun a three-week comment period.

Which companies have applied for spot Bitcoin ETFs in the United States?

The following companies have applied for spot Bitcoin ETF in the United States:

BlackRock, July 2023.

WisdomTree, 2023 July.

Invesco/Galaxy, July 2023.

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In addition, other large companies that have existing futures ETFs have also joined the ranks of resubmitting applications for the first US spot ETF, including VanEck and Fidelity. Companies that have not yet resubmitted their applications after being rejected include Global X, Kryptoin, and First Trust.

Another asset management company, Grayscale, is currently awaiting a decision from the Federal Appeals Court to review its application to convert its Bitcoin Trust to an ETF. Grayscale Bitcoin Trust (GBTC) is currently the largest Bitcoin ETP, holding 623,645 bitcoins. The ruling stated that the SEC did not provide enough information to explain why Grayscale's application was not "substantially similar" to other approved futures ETFs - failing to convince the judge that the spot market is less safe for investors than the futures market.

Some well-performing futures ETFs

Despite many people's expectations that the launch of futures ETFs will increase pressure to approve spot ETFs, there is little evidence to suggest this so far.

Since October 2021, several major Bitcoin futures ETFs have been launched, but their asset sizes are smaller than those of ETFs in Canada and Brazil. The performance of futures ETFs is also inferior to that of Bitcoin prices, which has raised doubts about their effectiveness. The main futures ETFs include:

ProShares Bitcoin Strategy ETF（BITO）

This ETF holds 7178 CME contracts, equivalent to over 38,000 bitcoins. As of September 2023, the ETF's assets under management are slightly less than $1 billion.

ProShares Short Bitcoin ETF（BITI）

This is the second ETF product from ProShares, holding 564 CME contracts, equivalent to 2820 bitcoins.

VanEck Bitcoin Strategy ETF（XBTF）

This ETF holds 320 CME contracts, equivalent to 1600 bitcoins.

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