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- CoinGecko ranked ProShares’ Bitcoin ETF (TSX:EBIT) as the largest ETF by number of BTC holdings.
- ProShares has 35,970 BTC holdings, while second-placed Purpose Bitcoin ETF has over 25,000 BTC.
- South America’s first Bitcoin ETF, QBTC11, ranked 11 overall with 727 Bitcoin holdings.
Cryptocurrency price tracker CoinGecko, in a recent report, revealed the 12 largest spot and futures Bitcoin Exchange-Traded Funds (ETFs) by BTC Holdings. According to the report, Bitcoin ETFs in the United States and Canada make up 10 out of the top 12, with Brazil and Bermuda completing the list.
In particular, the report placed ProShares Bitcoin Strategy ETF at the top of the list, with holdings of 35,970 BTC. Launched in 2021, Proshares was the first ETF to trade on a major exchange in the US after riding on the last bull market. ProShares Bitcoin ETFs constitute 16.6% of all Bitcoin ETFs, and are available to trade in the US.
Canadian-based Purpose Bitcoin ETF ranked second, holding over 25,000 BTC as of September 2023. According to the report, the ETF, launched in February 2021, was the first spot Bitcoin ETF in North America. The ETF trades on the Toronto Stock Exchange and has over $1.1 billion in assets under management.
In South America, the QBTC11 ETF became the first on the continent after it launched in June 2021 on the Brazilian stock exchange. The ETF currently holds 727 BTC as of September 2023 and is ranked eleventh on BTC holdings.
While noting the success of the ETFs, the report mentioned that the growth of ETFs, especially in the U.S., has been impaired by the U.S. Securities and Exchange Commission. While Bitcoin Futures ETFs exist, a spot Bitcoin ETF continue to face regulatory hurdles.
Notably, the regulator has repeatedly rejected applications for spot Bitcoin ETFs, which many describe as a deliberate action to frustrate the launch of a spot ETF in the U.S. On the other hand, the SEC has cited concerns around liquidity, custody, and the potential for price manipulation in Bitcoin markets.
However, the report noted that the recent Grayscale victory against the SEC suggests a Bitcoin ETF in the U.S. is only a matter of time. The asset manager currently holds over 625,645 BTC as the largest Bitcoin ETP.
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