Antoine Bouvy
17 Apr 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.
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.
Conclusion: does simplicity equal security?
Bitcoin ETFs open up a new path to cryptocurrencies, through regulated, secure and more accessible products. This is a major innovation, which undoubtedly marks the beginning of a new era for crypto investors.
However, at Easyvest, we've made the choice not to offer Bitcoin ETFs to our customers. Why not? Because our priority is to build robust, diversified portfolios designed for the long term. However, Bitcoin's extreme volatility makes it too speculative an asset for rigorous wealth management.
Instead, we build investment portfolios composed of global equity and European bond ETFs. We offer 10 different portfolios, depending on the level of risk sought by the client. A calmer way to invest in the future, without playing the crypto casino.