Antoine Bouvy
03 Nov 2025
Bitcoin ETFs decoded
Since its inception, Bitcoin has fascinated as much as it has intrigued: a speculative asset for some, a store of value for others, it has gradually made its mark on the global financial landscape. Today, it's possible to invest in Bitcoin without owning it directly, thanks to financial products called ETFs (exchange-traded funds) that track its price. But what exactly is a Bitcoin ETF? How much does it cost? How can I invest intelligently? And above all, is it really a good idea for your portfolio?
What is a Bitcoin ETF?
A Bitcoin ETF is a financial instrument that tracks the price of Bitcoin. It can do so in two ways:
- Spot Bitcoin ETF: invests directly in real Bitcoin, offering faithful exposure to its real price via a traditional brokerage account, without the complexity of crypto holding.
- Forward Bitcoin ETF: relies on derivative contracts that bet on the future price of Bitcoin, which can lead to less accurate tracking and greater volatility.
Spot ETFs are the most talked-about today, especially since they were authorized by the SEC (the US stock market regulator) in January 2024.
As a reminder, an ETF or Exchange Traded Fund, is an index fund listed on a stock exchange. It enables investors to easily purchase a share of a basket of assets (stocks, bonds, commodities, etc.) via their securities account, as if it were an ordinary share.
ETF or ETP: What’s the Difference?
People often hear about ETPs (Exchange Traded Products) when it comes to Bitcoin or other cryptocurrencies. In reality, the term ETP is an umbrella concept that includes various products such as ETFs (Exchange Traded Funds), ETNs (Exchange Traded Notes), and ETCs (Exchange Traded Commodities). All of these share one key characteristic: they are traded on the stock exchange and track the price of an underlying asset.
A Bitcoin ETF is therefore a specific type of ETP that is structured as a regulated fund actually holding Bitcoin in the case of spot ETFs. Some European products are referred to as Bitcoin ETCs, as their legal structure differs according to local regulations, even though they operate in a very similar way.
In short, all Bitcoin ETFs are ETPs, but not all ETPs are ETFs.
Investing in Bitcoin without a crypto wallet
The main advantage of a Bitcoin ETF is that there's no need to create a wallet, secure your private keys or go through sometimes dubious platforms. A Bitcoin ETF allows you to buy Bitcoin via your traditional bank or broker, with all the security and regulation that this implies.
In Belgium, taxation of ETFs is well regulated and relatively stable, while that of crypto-currencies remains uncertain and subject to interpretation.
Easy diversification
Like all ETFs, a Bitcoin ETF can be easily integrated into a diversified portfolio, alongside other asset classes such as equities, bonds or gold. It allows you to expose a small part of your portfolio to Bitcoin, without going “all-in”.
What are the main Bitcoin ETFs available?
Here's a roundup of today's best-known spot Bitcoin ETFs:
| ETF's name | Issuer | Fees | Particularity |
|---|---|---|---|
| BlackRock iShares Bitcoin Trust (IBIT) | BlackRock | 0,25% | Stores real Bitcoin, held securely by Coinbase |
| Fidelity Wise Origin Bitcoin Fund (FBTC) | Fidelity | 0,25% | Enhanced security thanks to Fidelity Digital Assets infrastructure |
| Grayscale Bitcoin Trust (GBTC) | Grayscale | 0.90% | Holds a huge quantity of Bitcoins |
Is there an ETF that actually holds Bitcoin?
The answer is yes, since January 2024: bitcoin spot ETFs hold Bitcoin directly, stored in ultra-secure, generally insured and audited cold wallets.
ETFs from BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB) or ARK 21Shares (ARKB) actually buy Bitcoin when an investor subscribes to the fund. This Bitcoin is then held by specialized custodians such as Coinbase Custody.
This type of ETF is radically different from “futures” ETFs, which simply speculate on prices without ever owning any actual Bitcoin.
The Evolution of Regulation: Between the SEC and the European MiCA Regulation
The historic approval of spot Bitcoin ETFs by the SEC (Securities and Exchange Commission) in January 2024 marked a major milestone in the institutional recognition of Bitcoin. In his official statement, Chairman Gary Gensler emphasized that this approval did not constitute an endorsement of Bitcoin itself. It was instead a decision aimed at giving U.S. investors access to this asset through regulated and transparent investment products. The goal was to channel capital flows into Bitcoin while strengthening investor protection.
At the same time, the European Union laid the groundwork for a harmonized legal framework with the MiCA regulation (Markets in Crypto-Assets), adopted in 2023 and gradually taking effect from 2024. This regulation aims to oversee crypto-asset service providers (CASPs), control token issuance, and bring greater transparency and stability to the European market.
MiCA therefore represents a crucial step toward the normalization of digital asset investment in Europe and paves the way for products such as Bitcoin ETFs within a safer legal environment.
Easyvest’s Vision: Caution and a Long-Term Focus
At Easyvest, we have chosen not to include Bitcoin or Bitcoin ETFs in our portfolios. This decision is based on our investment philosophy, which focuses on building diversified, simple, and long-term performing portfolios. Bitcoin remains an extremely volatile asset, whose value depends more on speculation than on solid economic fundamentals.
We therefore prefer global equity ETFs and European bond ETFs, whose performance is supported by decades of historical data and tangible economic growth. Our mission is to help every investor build robust, coherent, and goal-oriented wealth rather than speculate on uncertain trends.
Conclusion: does simplicity equal security?
Bitcoin ETFs represent an important step forward because they make cryptocurrencies accessible through regulated, transparent, and secure investment products. The SEC’s approval of spot Bitcoin ETFs in 2024 and the European MiCA framework demonstrate a clear intent to structure this rapidly maturing market while improving investor protection.
These new instruments belong to the broader family of ETPs (Exchange Traded Products), which allow investors to gain exposure to a listed asset without owning it directly. This evolution brings the world of crypto closer to traditional finance.
At Easyvest, we remain faithful to our philosophy of building solid and sustainable portfolios. The volatility of Bitcoin and the uncertainty of its long-term performance make it too speculative for responsible wealth management.
That is why we favor ETFs composed of global equities and European bonds, backed by decades of historical data and real economic logic.
We design investment portfolios composed of global equity and European bond ETFs and offer ten different portfolios depending on each client’s risk profile.
This approach provides a calmer and wiser way to invest in the future, without taking part in the crypto casino.