Is buying a bitcoin ETF worth it — especially one that is futures linked and not spot?
And it is hard to blame us for being in a crypto state of mind, after the debut of the U.S.’s first bitcoin-linked exchange-traded fund. The new product offered by the folks at ProShares has helped to spark a rally to new heights for bitcoin BTCUSD, +0.76%, $66, 974.77 , according to CoinDesk.That is the question some members of the investment community might be wrestling with since the fund launched Tuesday.
However, the new offerings raise a host of questions: Is an ETF the best way to own bitcoin BTCUSD, +0.76% ? What is a bitcoin futures ETF? Can’t I just invest in another crypto-pegged fund or the Grayscale Bitcoin Trust GBTC, -5.37% ? So, in that respect, Luria’s not a fan of buying something indirectly what you can purchase directly. That is not to say that there isn’t appetite for bitcoin in an ETF wrapper.
Advocates of bitcoin have been waiting for a spot bitcoin ETF because they think it is a better way to own crypto than through a derivatives product. In addition to “roll” issues are conditions that are unique within futures known as contango and backwardation that will result in the fund’s performance at points diverging from spot bitcoin values.
Despite those factors, Luria said that if investors are comfortable with those concepts then a futures ETF might be the next best thing to investing in a spot ETF. Rochard endorses direct ownership of crypto over an ETF of any sort but acknowledges that not everyone can stomach it and some investors might not feel sufficiently tech-savvy to deal with the gadgetry associated with storing their own crypto, if they aren’t comfortable custodying virtual assets with another party.
However, GBTC, due to its structure, doesn’t always precisely track bitcoin prices and in the past has traded at a premium to bitcoin. It currently trades at a discount to spot bitcoin. A fact that Luria says might make it an attractive bet for someone who believes GBTC’s value will ultimately converge with bitcoin prices.
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The First Bitcoin ETF Is Finally Here, Is It For You?ProShares have launched the first Bitcoin ETF - should you own it?
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The First Bitcoin ETF Is Finally Here, Is It For You?ProShares have launched the first Bitcoin ETF - should you own it?
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The First Bitcoin ETF Is Finally Here, Is It For You?ProShares have launched the first Bitcoin ETF - should you own it?
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Bitcoin edges off all-time high but momentum for more gains this year seen intactBitcoin fell slightly in Asian hours on Thursday, a day after marking an all-time high on optimism around the launch of the first U.S. bitcoin futures ETF.
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