Why Is The Invesco Galaxy Bitcoin ETF Lagging Peers?
Main Idea
The article discusses the uneven benefits among US-listed Bitcoin ETFs despite increasing Bitcoin accumulation by entities like the iShares Bitcoin ETF and Bitcoin Treasury companies.
Key Points
1. Bitcoin (BTC-USD) is being increasingly accumulated by the iShares Bitcoin ETF (IBIT) and Bitcoin Treasury companies like Strategy (MSTR)(STRF).
2. Not all US-listed Bitcoin ETFs have benefited from this trend.
3. The author discloses a beneficial long position in various cryptocurrencies and related stocks, including BTC-USD, ETH-USD, SOL-USD, LTC-USD, FBTC, STRF, and CoIN.
Description
Summary The Invesco Galaxy Bitcoin ETF (BTCO) has lagged peers in AUM growth and even has negative year to date BTC supply held through the fund. iShares dominates US Bitcoin ETF flows, capturing the vast majority of new investment and leaving little market share for smaller funds like BTCO. BTCO's 0.25% expense ratio is less competitive versus some peers, and its higher post-waiver fee at launch likely deterred long-term investors. Despite its small size, BTCO functions effectively as a Bitcoin...
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