Spot Bitcoin ETFs: The Struggle Was Worth It

Andrew M. Hornback and Robert E. Whaley

Financial Analysts Journal, 2025, vol. 81, issue 2, 39-50

Abstract: Bitcoin has emerged as a promising addition to long-term investment portfolios due to its lack of correlation with traditional asset classes. Spot bitcoin exchange-traded funds (ETFs) provide a secure, familiar, and convenient way to invest in bitcoin. Since their launch on 11 January 2024, they have garnered more than $75 billion in new assets under management and their performance relative to bitcoin futures and futures-based bitcoin ETFs has been nothing short of extraordinary. This study examines the performance of spot bitcoin ETFs during their first year of trading. In doing so, it highlights the complexities and inconsistencies in US regulatory decision-making.

Date: 2025
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DOI: 10.1080/0015198X.2025.2458054

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