- In a recent report, CoinGecko revealed the BTC holdings of the 12 largest Bitcoin Exchange-Traded Funds (ETFs) in both spot and futures categories.
- ProShares, launched in 2021, became the first ETF to trade on a major exchange in the US, thanks to the impact of the recent bull market. ProShares Bitcoin ETFs make up 16.6% of all Bitcoin ETFs.
- In South America, the QBTC11 ETF became the first ETF on the continent after being launched on the Brazilian stock exchange in June 2021. According to the report, this ETF had 727 BTC as of September 2023.
The US and Canada are dominating with almost all the largest Bitcoin ETFs: ProShares offers the largest BTC-holding ETF in the US!
The US and Canada Are Dominating Bitcoin ETFs
In a recent report, CoinGecko unveiled the BTC holdings of the 12 largest Bitcoin Exchange-Traded Funds (ETFs) in both spot and futures categories. According to the report, ETFs in the US and Canada make up 10 out of the top 12, with Brazil and Bermuda completing the list.
The report highlights that the ProShares Bitcoin Strategy ETF is at the top of the list, with assets of 35,970 BTC. Launched in 2021, ProShares became the first ETF to trade on a major US exchange thanks to the impact of the recent bull market. ProShares Bitcoin ETFs make up 16.6% of all Bitcoin ETFs and are available for trading in the US.
The Canada-based Purpose Bitcoin ETF was second with assets exceeding 25,000 BTC as of September 2023. According to the report, this ETF, launched in February 2021, was the first spot Bitcoin ETF in North America. It trades on the Toronto Stock Exchange, and the value of assets under management is over $1.1 billion.
In South America, the QBTC11 ETF became the first ETF on the continent after being launched on the Brazilian stock exchange in June 2021. According to the report, this ETF had 727 BTC as of September 2023, ranking eleventh in BTC assets.
Obstacles to ETF Growth
While the report acknowledges the success of ETFs, it notes that in the US, the growth of ETFs has been hindered by the US Securities and Exchange Commission (SEC). Although Bitcoin Futures ETFs exist, spot Bitcoin ETFs still face regulatory hurdles.
In particular, the regulatory agency has repeatedly rejected spot Bitcoin ETF applications, which many believe is a deliberate move to prevent the launch of a spot ETF in the US. The SEC cited concerns about liquidity, custody, and the potential for price manipulation in Bitcoin markets.
However, the report suggests that Grayscale’s recent victory against the SEC indicates that it’s only a matter of time before a Bitcoin ETF is approved in the US. The asset manager currently holds 625,645 BTC, making it the largest Bitcoin ETP.
