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Bitcoin ETF preferred by investors
C. Tail risk: Remember $USO in 2020? Position limits, liquidity, etc — things can break.
In sum: A futures-based Bitcoin ETF comes with ~6-12% all-in costs, ~15% dilution, and tail risk.
Useful for certain investors, but not ideal.
A direct BTC ETF avoids all that —
— Matt Hougan (@Matt_Hougan) October 14, 2021
— Barry Silbert (@BarrySilbert) October 17, 2021