Which Countries Have Spot Bitcoin ETFs?
Spot Bitcoin exchange-traded funds (ETFs) are incorporated in 10 countries worldwide and traded in just 5 geographical markets.
Countries where spot Bitcoin ETFs are incorporated are: G20 countries US, Canada, Germany, Brazil and Australia, the tax havens Bermuda, Jersey, Switzerland, Liechtenstein and Guernsey. Hong Kong could be the first Asian country with a spot Bitcoin ETF, with regulators there prepared to receive applications.
The primary markets for spot Bitcoin ETFs are the US, Europe and Canada, while smaller spot Bitcoin ETF markets have emerged in Brazil and Australia.
The US has established itself as the top country for spot Bitcoin ETFs, with $34.78 billion in combined assets across the 10 spot Bitcoin ETFs approved early this year. The US now represents an overwhelming 83.3% of the $41.74 billion global spot Bitcoin ETF market, surpassing Canada which had previously led with 46.3% in market share.
Nevertheless, Canada is still a major player in the global spot Bitcoin ETF market, with the second largest market share of 7.4%. Canada’s 6 spot Bitcoin ETFs remain resilient at a combined asset size of $3.09 billion, compared to the $2.79 billion combined assets on December 18, 2023. This indicates the country’s net spot Bitcoin ETF outflows were moderate but not significant, after taking into account BTC price increase.
Europe also continues to be a key spot Bitcoin ETF market, sitting at a collective $3.67 billion asset size or 8.8% of global market share. Europe has the most number of spot Bitcoin ETFs available, with the 13 ETFs incorporated in Jersey, Guernsey, Germany, Switzerland and Liechtenstein.
How Many Spot Bitcoin ETFs Are There?
There are a total of 32 spot Bitcoin ETFs offered worldwide currently, with a combined $41.74 billion in total assets. This means that around 839,323 BTC are held in spot Bitcoin ETFs currently, or 4% of maximum Bitcoin supply.
Grayscale Bitcoin Trust (GBTC) is the biggest spot Bitcoin ETF with $22.83 billion in total assets. GBTC alone represents more than half of the global spot Bitcoin ETF market, at a 54.7% market share. However, GBTC’s dominance may be challenged amid continued net outflows, including the upcoming Genesis sale of 35 million GBTC shares.
In total, the top 10 spot Bitcoin ETFs account for a disproportionate 92.7% global market share. Besides GBTC, other spot Bitcoin ETFs leading with billions in total assets are: iShares Bitcoin Trust (IBIT) at $5.19 billion, Fidelity Wise Origin Bitcoin Fund (FBTC) at $3.93 billion, Purpose Bitcoin ETF (BTCC) at $1.60 billion, ETC Group Physical Bitcoin (BTCE) at $1.25 billion and ARK 21Shares Bitcoin ETF (ARKB) at $1.13 billion.
Out of the top 10 spot Bitcoin ETFs, 5 are from the US, 3 from Europe and 2 from Canada.
When was the First Spot Bitcoin ETF Launched?
The first 3 spot Bitcoin ETF products were launched in 2020, during the early stages of Bitcoin’s highest profile bull run. Germany’s ETC Group Physical Bitcoin was the earliest spot Bitcoin ETF product to start trading in June 2020, followed by 3iQ The Bitcoin Fund and VanEck Bitcoin ETN towards the end of the year.
While Grayscale Bitcoin Trust launched years earlier in 2013 and is the longest-running active spot Bitcoin ETF, it only converted from a unit trust to an ETF structure in 2024.
14 spot Bitcoin ETFs were launched in 2021, making it the most popular year for spot Bitcoin ETFs to date. In particular, 6 of the ETFs were launched in Q2, after the first peak in the 2021 Bitcoin mania.
2022 and 2023 saw another 3 and 2 spot Bitcoin ETFs launched in each year respectively, which brought mainstream crypto exposure to Australia. However, the 2022 and 2023 spot Bitcoin ETFs have yet to see major inflows and rank among the smallest by asset size.
Highly anticipated US approvals brought 9 new spot Bitcoin ETFs to the global market in 2024. It remains to be seen if additional spot Bitcoin ETFs will be launched in other markets this year.
Spot Bitcoin ETF Countries
Number of active spot Bitcoin ETFs incorporated in each country and the combined total assets in USD as of February 15, 2023, are as follows:
| Country | No. Spot Bitcoin ETFs | Total Assets (USD) |
|---|---|---|
| United States | 10 | $34,779 million |
| Canada | 6 | $3,094 million |
| Jersey | 5 | $1,284 million |
| Germany | 2 | $1,264 million |
| Switzerland | 2 | $648 million |
| Liechtenstein | 1 | $359 million |
| Guernsey | 3 | $113 million |
| Bermuda | 1 | $103 million |
| Brazil | 1 | $62 million |
| Australia | 1 | $33 million |
Global Spot Bitcoin ETF Rankings
Active spot Bitcoin ETFs worldwide, ranked by total assets in USD as of February 15, 2023, are as follows:
| Rank | Spot Bitcoin ETF | Total Assets (USD) |
|---|---|---|
| 1 | Grayscale Bitcoin Trust BTC (GBTC) | $22,833.25 million |
| 2 | iShares Bitcoin Trust (IBIT) | $5,189.52 million |
| 3 | Fidelity Wise Origin Bitcoin Fund (FBTC) | $3,926.90 million |
| 4 | Purpose Bitcoin ETF (BTCC) | $1,600.00 million |
| 5 | ETC Group Physical Bitcoin (BTCE) | $1,251.19 million |
| 6 | ARK 21Shares Bitcoin ETF (ARKB) | $1,131.99 million |
| 7 | Bitwise Bitcoin ETF (BITB) | $930.98 million |
| 8 | CoinShares Physical Bitcoin (BITC) | $698.75 million |
| 9 | 21Shares Bitcoin ETP (ABTC) | $604.68 million |
| 10 | CI Galaxy Bitcoin ETF (BTCX) | $504.11 million |
| 11 | WisdomTree Physical Bitcoin (BTCW) | $413.70 million |
| 12 | VanEck Bitcoin ETN (VBTC) | $359.13 million |
| 13 | 3iQ The Bitcoin Fund (QBTC) | $347.11 million |
| 14 | Invesco Galaxy Bitcoin Etf (BTCO) | $336.24 million |
| 15 | Fidelity Advantage Bitcoin ETF (FBTC) | $264.29 million |
| 16 | 3iQ CoinShares Bitcoin ETF (BTCQ) | $221.98 million |
| 17 | VanEck Bitcoin Trust (HODL) | $187.55 million |
| 18 | Invesco Physical Bitcoin (BTIC) | $168.00 million |
| 19 | Evolve Bitcoin ETF (EBIT) | $156.65 million |
| 20 | Valkyrie Bitcoin Fund (BRRR) | $136.54 million |
| 21 | Hashdex Nasdaq Bitcoin ETF (HBTC.BH) | $102.90 million |
| 22 | AMINA Bitcoin ETP (SBTCU) | $100.37 million |
| 23 | Franklin Bitcoin ETF (EZBC) | $80.05 million |
| 24 | QR CME CF Bitcoin Reference Rate FDI (QBTC11) | $62.25 million |
| 25 | 21Shares Bitcoin Core ETP (CBTC) | $43.25 million |
| 26 | Global X 21Shares Bitcoin ETF (EBTC) | $33.26 million |
| 27 | WisdomTree Bitcoin Fund (BTCW) | $26.41 million |
| 28 | DDA Funds Physical Bitcoin ETP (XBTI) | $12.76 million |
| 29 | AMINA Bitcoin CHF Hedged ETP (SBTCC) | $10.53 million |
| 30 | Global X Bitcoin ETP (BT0X) | $3.57 million |
| 31 | Jacobi FT Wilshire Bitcoin ETF (BCOIN) | $2.06 million |
| 32 | Valour Bitcoin Carbon Neutral (1VBT) | $0.22 million |
Methodology
The study examined active spot Bitcoin exchange-traded funds (ETFs) worldwide, which includes exchange-traded products (ETPs) that are physically backed by Bitcoin holdings. The spot Bitcoin ETFs’ total assets in USD were based on latest available Bloomberg and public data as of February 15, 2024. If you notice any active spot Bitcoin ETFs missing from this list, please drop a note to the author via Twitter/X.
This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on the largest Bitcoin ETFs by Bitcoin holdings.
Yuqian is a cryptocurrency writer and marketer who specializes in mainstream cryptocurrency insights. She's especially fascinated by the philosophical and socioeconomic aspects of crypto and also goes by the name of Q. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt
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