Including GBTC, ETFs Hold 3.8% of Max Bitcoin Supply:
-XBT Provider’s Bitcoin Tracker One (COINXBT) is the biggest Bitcoin exchange-traded fund (ETF) worldwide, with $7.11 billion in total assets. The Bitcoin futures ETF was launched in Sweden in 2015, and also ranked as the overall top crypto ETF.
-ProShares Bitcoin Strategy ETF (BITO) and Purpose Bitcoin ETF (BTCC) follow further behind, as the second and third biggest Bitcoin ETFs. BITO, a US-incorporated Bitcoin futures ETF, has $1.64 billion in total assets. Meanwhile, Canada-incorporated BTCC is the biggest spot Bitcoin ETF with $1.55 billion in total assets.
-Germany-incorporated ETC Group Physical Bitcoin (BTCE) is the only other Bitcoin ETF with more than a billion in total assets.
14 spot Bitcoin ETFs made it into the top 20 rankings, but only account for a 38.5% share of the total assets. In contrast, the 6 Bitcoin futures ETFs represent a disproportionate 61.6% of total assets, across the 20 biggest Bitcoin ETFs. This perhaps indicates that traditional finance leans toward derivatives for Bitcoin exposure, rather than Bitcoin itself.
-Overall, the 20 biggest Bitcoin ETFs have between $54.86 million to $7.11 billion in total assets. Even so, these 20 Bitcoin ETFs’ combined $16.00 billion asset size is outweighed by Grayscale Bitcoin Trust’s $27.14 billion total assets.
How Many Bitcoins Are in ETFs?
ETFs hold around 793,034 BTC in total worldwide, representing 3.8% of the maximum 21 million Bitcoin supply. This includes Grayscale Bitcoin Trust (GBTC), which is pending SEC approval to convert from a close-ended unit trust to an ETF. Excluding GBTC, existing ETFs account for just 0.8% of maximum Bitcoin supply.
-While ETF providers control only a minority supply of Bitcoin currently, US approval of spot Bitcoin ETFs is expected to drive up investor demand. It remains to be seen whether traditional financial institutions will have an outsized influence over Bitcoin in the future.
