¿Qué es un ETF de bitcoin?

A Bitcoin exchange-traded fund (ETF) is a regulated investment vehicle that allows investors to gain exposure to the price movements of bitcoin without owning the digital asset directly.

Bitcoin ETFs operate in a similar way to traditional ETFs. Traditional ETFs became popular as they offered an efficient way for investors to diversify risk, trade during off hours, and buy/sell fractions of shares.

Although this is common in the cryptocurrency market, this sort of flexibility was difficult to achieve when trading traditional assets prior to the arrival of ETFs.

Like crypto futures contracts, cryptocurrency ETFs offer the added benefit of giving traders exposure to an asset’s price movement without having to own or take custody of the underlying digital asset itself.

This structure can be especially attractive to institutional investors that want a familiar investment vehicle while still being able to gain exposure to the price movements of cryptocurrencies.

A traditional ETF typically comprises a basket of assets such as different stocks, bonds, or commodities. The firm behind the ETF issues shares of the ETF, which represent fractional ownership of the various assets it holds.

A Bitcoin ETF either holds bitcoin, or is designed to track the price of bitcoin. Like other traditional ETFs, shares of a Bitcoin ETF can be bought and sold on traditional market exchanges. Purchasing them provides investors with exposure to bitcoin's price movement, but does not require them to self-custody the bitcoin itself.

Globally, there are currently three approved types of Bitcoin ETF available: 

1. Bitcoin spot ETF
2. Bitcoin futures ETF
3. Leveraged bitcoin futures ETF

When a person purchases shares in a Bitcoin spot ETF, the ETF issuer (the company that creates and manages the ETF) buys an equivalent amount of BTC and holds it in reserve.

This helps to ensure that spot bitcoin ETF shares are backed 1:1 by “physical” bitcoin – the bitcoin the issuer purchases on the open market and custodies on behalf of the issuer’s shareholders. As the bitcoin price rises and falls in the crypto markets, the ETF share price should move in tandem.

Some United States Bitcoin spot ETF providers today include:

• iShares Bitcoin ETF Trust (IBIT)
• Bitwise Bitcoin ETF Trust (BITB) 
• ARK 21Shares Bitcoin ETF (ARKB)
• Franklin Templeton Bitcoin ETF (EZBC)
• Valkyrie Bitcoin Fund (BRRR)
• WisdomTree Bitcoin Fund (BTCW)

Each of these funds benchmark and strike the Net Asset Value (NAV) of the ETFs to the Bitcoin Reference Rate - New York Variant (BRRNY) provided by CF Benchmarks - a Kraken company.

Take a look at CF Bencharmark's report How Do Spot Bitcoin ETFs Work? for more information

A Bitcoin futures ETF tracks the price of a basket of bitcoin futures contracts instead of the asset's spot market price. This removes the need for the ETF issuer to hold bitcoin in reserve. You can think of a Bitcoin futures ETF as a less direct way to trade bitcoin since even the issuer of the ETF does not hold any actual bitcoin.

Some United States Bitcoin spot ETF providers today include:

• iShares Bitcoin ETF Trust (IBIT)
• Bitwise Bitcoin ETF Trust (BITB) 
• ARK 21Shares Bitcoin ETF (ARKB)
• Franklin Templeton Bitcoin ETF (EZBC)
• Valkyrie Bitcoin Fund (BRRR)
• WisdomTree Bitcoin Fund (BTCW)

Each of these funds benchmark and strike the Net Asset Value (NAV) of the ETFs to the Bitcoin Reference Rate - New York Variant (BRRNY) provided by CF Benchmarks - a Kraken company.

Take a look at CF Bencharmark's report How Do Spot Bitcoin ETFs Work? for more information

Bitcoin futures ETF

A Bitcoin futures ETF tracks the price of a basket of bitcoin futures contracts instead of the asset's spot market price. This removes the need for the ETF issuer to hold bitcoin in reserve. You can think of a Bitcoin futures ETF as a less direct way to trade bitcoin since even the issuer of the ETF does not hold any actual bitcoin.

This type of ETF works the same as a bitcoin futures-based ETF, but allows traders to purchase an increased quantity of shares with a smaller amount of capital. For example, with a 2x leveraged bitcoin futures ETF, a person could gain exposure to twice as many bitcoin futures contracts with their capital versus a standard, unleveraged bitcoin futures ETF.

Some United States Bitcoin spot ETF providers today include:

• iShares Bitcoin ETF Trust (IBIT)
• Bitwise Bitcoin ETF Trust (BITB) 
• ARK 21Shares Bitcoin ETF (ARKB)
• Franklin Templeton Bitcoin ETF (EZBC)
• Valkyrie Bitcoin Fund (BRRR)
• WisdomTree Bitcoin Fund (BTCW)

Each of these funds benchmark and strike the Net Asset Value (NAV) of the ETFs to the Bitcoin Reference Rate - New York Variant (BRRNY) provided by CF Benchmarks - a Kraken company.

Take a look at CF Bencharmark's report How Do Spot Bitcoin ETFs Work? for more information

Bitcoin futures ETF

A Bitcoin futures ETF tracks the price of a basket of bitcoin futures contracts instead of the asset's spot market price. This removes the need for the ETF issuer to hold bitcoin in reserve. You can think of a Bitcoin futures ETF as a less direct way to trade bitcoin since even the issuer of the ETF does not hold any actual bitcoin.

The history of Bitcoin ETFs in the United States dates back to 2013, when Gemini co-founders Cameron and Tyler Winklevoss first filed a spot Bitcoin ETF application with the United States Securities and Exchange Commission (SEC).

While they failed to win approval, other established investment companies like Fidelity, Grayscale, VanEck, and WisdomTree subsequently filed applications with the SEC in hopes of becoming the first spot BTC ETF.  

Further applications with the SEC for a spot BTC ETF from investment firms like BlackRock not only signal renewed interest, but eventually paved the way for SEC approval.

On January 10, 2024, Gary Gensler, the Chair of the United States Securities and Exchange Comission (SEC), issued a Statement on the Approval of Spot Bitcoin Exchange-Traded Products. After rejecting more than 20 applications between 2018 and 2024, the SEC approved trading for a spot Bitcoin ETF in the United States.

The announcement was not without its challenges however. The day prior, a tweet shared by the offical SEC account stated that spot Bitcoin ETFs were approved, before the tweet was deleted and the chairman took to his personal account to state the "account was compromised, and an unauthorized tweet was posted."

Regardless of the challenges behind its approval, many feel the SEC-approved Bitcoin spot ETF in the United States provides investors with an even simpler way to invest in crypto – using a familiar investment vehicle that is already widely used in the traditional equities market. 

In other countries, Bitcoin ETF applications have had better success within a shorter time frame than the United States. In 2021, Canadian regulators approved the Purpose Bitcoin ETF (TSE: BTCC) and Evolve Bitcoin ETF (TSE: EBIT) in quick succession. These milestone events marked the debut of the world’s first two physically settled Bitcoin spot ETF products.

If you want to learn more about the various financial products that follow the price of different cryptocurrencies, check out the Kraken Learn Center article What are crypto derivatives?

Investing in any type of Bitcoin ETF may offer several advantages over directly investing in crypto for certain types of traders. But there are also downsides to Bitcoin ETFs that all investors should consider as they determine which financial tool is right for them.

First, ETFs provide a convenient and regulated means of accessing bitcoin's price changes without the complexities associated with buying, storing, and keeping cryptocurrency safe. Additionally, traders can buy and sell digital currency ETF shares through their brokerage accounts, just like any other stock or ETF. 

With Bitcoin ETFs, no crypto wallets, cryptocurrency exchanges, or private keys are needed. This allows traders to gain indirect exposure to cryptocurrency using the same platforms they already know.

Second, ETFs provide liquidity and ease of trading. Bitcoin ETF shares trade on established stock exchanges, benefiting from the existing infrastructure and liquidity of these markets. This benefit allows investors to enter or exit positions in a familiar and cost-efficient manner, without needing to onboard with a dedicated crypto investing platform and face additional counterparty risk.

Furthermore, a Bitcoin ETF may attract institutional investors that either lack the operational infrastructure to directly custody Bitcoin or have internal compliance restrictions, but also seek the liquidity and familiarity of traditional markets. Thus, ETFs may ultimately help them participate in crypto markets they otherwise could not, which could help to broaden the potential investor base for different types of cryptocurrencies, including bitcoin.

While bitcoin ETFs offer several advantages, especially for institutional investors, they are not without their tradeoffs.

First, investing in a Bitcoin ETF means accepting indirect exposure to bitcoin, rather than taking direct ownership of the cryptocurrency itself. While the ETF shares are meant to track the price of bitcoin, they may not provide as accurate a price correlation as holding the underlying asset. Accordingly, a Bitcoin ETF shareholder is subject to counterparty risk to the ETF issuer and custodian who maintain control over the private keys associated with the bitcoin.

Second, fees associated with ETFs can impact investment returns. Like traditional ETFs, Bitcoin ETFs typically charge management fees for offering the product. These fees can reduce the overall return on investment, especially in cases where the fund's performance closely mirrors that of the underlying bitcoin. Because these ongoing fees are a permanent drag on an investor’s total return, over time the investor’s returns from the Bitcoin ETF will be less than a direct investment in Bitcoin. Investors should carefully consider an ETF’s associated transaction and management fees (commonly referred to as its “expense ratio”) before investing.

Third, geographic bans and limited market hours are other Bitcoin ETF disadvantages. In some prominent jurisdictions, retail traders are prohibited from buying any type of crypto derivative, including ETFs.

Lastly, traders may only be able to transact in ETF shares during traditional market trading hours. Bitcoin ETFs may not be tradable 24/7/365 like cryptocurrency spot markets. This leaves ETF traders at a disadvantage during periods of price volatility if bitcoin's price moves dramatically over the weekend or outside of market trading hours.

1. Elija una plataforma de corretaje: El primer paso para invertir en un ETF de bitcoin es elegir una plataforma de corretaje. Varios servicios de corretaje tradicionales, como Fidelity y Charles Schwab, ahora ofrecen acceso a ETF de bitcoin. Es importante elegir una plataforma acreditada y regulada.
2. Cree una cuenta con el servicio de corretaje: Una vez que haya elegido una plataforma de corretaje, el siguiente paso es crear una cuenta. Por lo general, deberá facilitar sus datos personales y documentos de identificación. Algunas plataformas también pueden exigirle que rellene un cuestionario de idoneidad para asegurarse de que los ETF de bitcoin son una inversión adecuada para usted.
3. Deposite fondos en su cuenta: Antes de poder invertir en un ETF de bitcoin, es necesario que deposite fondos en su cuenta de corretaje. La gran mayoría de las plataformas de corretaje fiables admiten transferencias bancarias, tarjetas de crédito y otros métodos de pago. Es importante tener en cuenta que algunas plataformas pueden cobrar comisiones por depositar fondos en su cuenta, por lo que es esencial leer detenidamente los términos y condiciones.
4. Elija un ETF de bitcoin: Tras depositar fondos en su cuenta, podrá elegir un ETF de bitcoin en el que invertir. Es importante que investigue los distintos ETF disponibles y tenga en cuenta factores como las tarifas, la liquidez y el rendimiento antes de decidirse.
5. Efectúe su orden: Una vez que haya elegido un ETF de bitcoin, ya podrá efectuar su orden. Este paso consiste en especificar el número de acciones que desea adquirir y el precio al que quiere comprarlas. Es importante tener en cuenta que los precios de los ETF de bitcoin pueden ser volátiles, por lo que es esencial que supervise su inversión y ajuste su estrategia en consecuencia.
6. Supervise su inversión: Invertir en un ETF de bitcoin requiere un seguimiento continuo para mantenerse al día de las tendencias y noticias del mercado.

Overall, the approval of both spot and futures Bitcoin ETFs represents a milestone in the maturation of the cryptocurrency market.

Bitcoin ETFs offer investors a regulated and accessible way to gain indirect exposure to bitcoin's potential upside while contributing to the broader adoption of digital assets.

As the regulatory landscape continues to evolve, these regulated financial products may help to further cement the legitimacy of the cryptocurrency industry.

Aunque en Kraken no es posible hacer trading con ETF de bitcoin, sí ofrecemos una forma segura y fácil de iniciarse en el mundo cripto.

Con Kraken, puede comprar bitcoin en lugar de un producto derivado que sigue el precio del bitcoin.

Consulte nuestra guía del Centro de aprendizaje de Kraken para obtener más información sobre Cómo comprar bitcoins (BTC) y cree una cuenta de Kraken hoy mismo.