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As spot Bitcoin ETFs begin trading, here’s what you need to know

Uma Devi

Uma Devi

Published Fri, Jan 12, 2024 · 02:05 PM
    • Checks by The Business Times found that at least some of these exchange-traded funds (ETFs) are available through the following brokerages: FSMOne, Interactive Brokers, Moomoo and Phillip Securities.
    • Checks by The Business Times found that at least some of these exchange-traded funds (ETFs) are available through the following brokerages: FSMOne, Interactive Brokers, Moomoo and Phillip Securities. PHOTO: REUTERS

    THE first spot Bitcoin exchange-traded funds (ETFs) – including BlackRock’s iShares Bitcoin Trust and the Grayscale Bitcoin Trust – debuted on stock exchanges in the United States overnight.

    Trading volume exceeded US$4.6 billion on Jan 11 (Thursday), the first day of trading, Reuters reported. The wire service added that funds from Grayscale, BlackRock and Fidelity dominated trading. The Business Times answers some questions about these new market products:

    What are spot Bitcoin ETFs?

    These are funds holding Bitcoin that trade on exchanges just like stocks. Previous cryptocurrency ETFs held only Bitcoin futures, which is why Bitcoin enthusiasts are so keen on the spot Bitcoin ETFs.

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