arbiter
JournalsAccount

Spot Bitcoin ETFs: The Struggle Was Worth It

Andrew M. Hornback & Robert E. Whaley

Financial Analysts Journal2025https://doi.org/10.1080/0015198x.2025.2458054article
AJG 3ABDC A
Weight
0.46

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.

4 citations

Open via your library →

Cite this paper

https://doi.org/https://doi.org/10.1080/0015198x.2025.2458054

Or copy a formatted citation

@article{andrew2025,
  title        = {{Spot Bitcoin ETFs: The Struggle Was Worth It}},
  author       = {Andrew M. Hornback & Robert E. Whaley},
  journal      = {Financial Analysts Journal},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1080/0015198x.2025.2458054},
}

Paste directly into BibTeX, Zotero, or your reference manager.

Flag this paper

Spot Bitcoin ETFs: The Struggle Was Worth It

Flags are reviewed by the Arbiter methodology team within 5 business days.

Evidence weight

0.46

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.37 × 0.4 = 0.15
M · momentum0.60 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.