Bitcoin & Ethereum ETFs

What you'll learn

• The Single Most Important Product Wave in Crypto History
• What an ETF Is and Why It Matters Here
• The Eleven Spot Bitcoin ETF Issuers
• The Spot Ethereum ETFs
• Inflow Patterns and What They Reveal
• Why ETFs Matter Beyond the AUM Numbers
• For Deeper Reading

Key terms

Spot Bitcoin ETF

An exchange-traded fund that holds actual Bitcoin (custodied by a qualified custodian) and issues shares that trade on stock exchanges. Eleven launched simultaneously in the U.S. on January 11, 2024.

Spot Ethereum ETF

The Ethereum equivalent of a spot Bitcoin ETF, holding actual Ether. U.S. spot Ethereum ETFs launched July 23, 2024 after 19b-4 form approvals on May 23, 2024.

Authorized participant

A large broker-dealer approved by an ETF issuer to create new shares (by delivering underlying assets to the trust) or redeem shares (for the underlying assets), keeping ETF share price aligned with NAV.

Net asset value (NAV)

The per-share value of an ETF's underlying assets at a given point in time. Spot crypto ETFs use create-redeem mechanisms to keep market price closely tracking NAV.

Expense ratio

The annual management fee charged by an ETF, expressed as a percentage of assets. Spot Bitcoin ETFs converged toward 0.20-0.25% within eighteen months of launch.

Grayscale Bitcoin Trust (GBTC)

A pre-existing Bitcoin trust that converted to ETF status on January 11, 2024 alongside the new spot launches, entering with roughly $28B in legacy assets but a 1.50% expense ratio.

iShares Bitcoin Trust (IBIT)

BlackRock's spot Bitcoin ETF, launched January 11, 2024. The largest crypto ETF globally, with approximately $62B AUM and 800,000+ BTC held as of April 2026.

iShares Ethereum Trust (ETHA)

BlackRock's spot Ethereum ETF, launched July 23, 2024. Reached $10B AUM in approximately one year, making it the third-fastest ETF in history to that milestone.

Roll cost

The cost incurred when a futures-based fund replaces expiring contracts with later-dated ones. Roll costs historically created multi-percentage-point annual drag for futures Bitcoin ETFs versus spot.

Larry Fink

CEO of BlackRock, the world's largest asset manager. Publicly endorsed Bitcoin as "digital gold" in January 2024 and predicted "tokenization of every financial asset" at Davos 2024.