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Alla kallar det för en ETF för Bitcoin, här är varför det inte stämmer

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Grayscales Bitcoin Investment Trust (GBTC) som ett sätt att få exponering mot kryptovalutor. Alla kallar det för en ETF för Bitcoin, här är varför det inte stämmer.

När den amerikanska Finansinspektionen SEC, Securities and Exchange Commission, skjuter ner varje idé om Bitcoin ETF som korsar deras skrivbord har investerare vänt sig till Grayscales Bitcoin Investment Trust (GBTC) som ett sätt att få exponering mot kryptovalutor. Alla kallar det för en ETF för Bitcoin, här är varför det inte stämmer.

Även om många publikationer anser att GBTC är en börshandlad fond så stämmer det inte. Det är en så kallad ”grantor trust”. GBTC är inte registrerat hos SEC enligt lagen om investmentbolag från 1940 (the Investment Company Act of 1940). Aktierna handlas inte heller på en börs eller en reglerad marknadsplats. Istället handlas GBTC på den så kallade OTC-marknaden, ”over-the-counter” där reglerna är mindre stränga och regleringarna färre än på en börs.

Till skillnad från de flesta ETFerna betalar GBTC en hög årlig förvaltningsavgift. I detta fall ligger den på närmare två procent.

Startades 2013

GBTC startades initialt som en 506 (c) privat placering i september 2013 och förvaltas av Grayscale Investments, en enhet inom Barry Silbers Digital Currency Group. DCG är ett holdingbolag med inriktning mot kryptovalutor och blockchain-teknik. DCG äger CoinDesk, en ledande blockchain nyhetssajt och har investeringar i mer än 110 företag, inklusive Kraken Bitcoin Exchange.

Sedan 2013 har ackrediterade investerare haft möjlighet att köpa så kallade ”restricted shares” i Bitcoin Investment Trust direkt från Grayscale till det dagliga nettotillgångsvärdet. Detta är knutet till det efterföljande volymvägda genomsnittspriset för TradeBlock XBX Index. NAV-värdet är cirka 0,00100733 Bitcoin per aktie. (NAV-värdet finns tillgängligt på Bloomberg.)

Investerare köper och säljer

GBTC ägde 177.037 Bitcoins per den 29 januari. Antalet Bitcoins som innehas av Grayscales Bitcoin Investment Trust fluktuerar väsentligt eftersom investerare flyttar pengar in och ut från GBTC. Notera att GBTC endast har investerat i Bitcoin, och inte har några andra tillgångar. GBTC handlar inte med sina tillgångar, arbetar inte med terminer eller andra derivat. Det saknas hävstång i portföljen och de befintliga innehaven lånas inte heller ut. Detta gör GBTC till en perfekt approximation för Bitcoin även om det inte är en ETF för Bitcoin.

Sedan 2015 är GBTC godkända av Financial Regulatory Authority (FINRA) och OTC Markets Group, på OTCQX-marknaden, OTC Marketplaces toppnivå.

”Restricted shares”

Efter att ha ägt aktier i ett år blir investerare som köpte aktier direkt från GBTC berättigade att sälja sina ” Restricted shares ” aktier på den offentliga marknaden. Reglerna för försäljning av oregistrerade aktier är upptagna i SEC Rule 144. När aktierna sedan säljs på sekundärmarknaden kan vilken investerare som helst köpa dem.

Även om SEC inte gör det möjligt att kalla GBTC för en ETF för Bitcoin enligt the Investment Company Act of 1940 så har det ett unikt monopol. GBTC är det enda enda amerikanska investeringsföretaget som ger direkt exponering mot Bitcoin. I Sverige finns det två certifikat som ger exponering mot Bitcoin, men det är det enda andra värdepappret som finns. Detta gör GBTC eftersom det då är tillåtet att köpa andelarna på skattefördelatiga konton som IRA, Roth IRA och 401 (k).

Se inte GBTC som en ETF

Istället för att se GBTC som en ETF bör folk tänka på denna som en sluten fond. Dessa handlar vanligen mot premie eller rabatt till dess NAV. Anledningen till GBTCs premie är den stora efterfrågan på det lilla utbudet av aktier. GBTC har endast 176 miljoner aktier utestående. Fonden har en öppen struktur eftersom den kan höja tillgångar genom den privata placeringen, men innehavarna av dessa aktier måste vänta ett år med att handla med dem.

Om GBTC var mer likvid och större, och Bitcoin hade bredare acceptans, skulle det sannolikt finnas ett närmare samband mellan priset på GBTC och priset på den underliggande tillgången. Det här är en spekulativ investering i en spekulativ tillgång. GBTC fyller uppenbarligen ett behov på marknaden, det är därför som investerare köper det. Problemet är att GBTC kommer med en betydand och varierande premie. I dag finns det redan tillräckligt stora risker med kryptovalutor för att det skall läggas till ett premiumproblem.

Har alltid handlats med en premie

Sedan GBTC handlas offert på OTCQX-marknaden i början av 2015 har de handlat till en premiumvärdering till NAV. Medan vi inte kan identifiera en enda orsak till premien kan vi övertyga flera faktorer. För det första finns det färre aktier tillgängliga på marknaden än det finns efterfrågan. För det andra är det enda amerikanska investeringsföretaget som ger direkt exponering för Bitcoin genom köp av ett värdepapper.

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Trump 2.0: The Art of the Crypto Deal

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$TRUMP & $MELANIA: The launch of both memecoins dominated headlines, with $TRUMP reaching a $73B fully diluted valuation. These launches are indicative of a late-stage bull market, often characterized by speculative exuberance.

• $TRUMP & $MELANIA: The launch of both memecoins dominated headlines, with $TRUMP reaching a $73B fully diluted valuation. These launches are indicative of a late-stage bull market, often characterized by speculative exuberance.

• Solana Continues to Outperform: Solana reached an all-time high of $286, cementing its role as the leading blockchain for retail activity due to its high performance, low costs, and user-friendly ecosystem.

• Solana Remained Robust: Despite congestion and the rate of failed transactions rising by 20%, the network remained stable compared to prior years, avoiding outages even under unprecedented demand.

• Bitcoin Quietly Hits ATH: Ahead of the inauguration, Bitcoin surged to a new ATH just shy of $109K, largely under the radar amidst the memecoin frenzy.

• DeFi Momentum Builds: Trump’s World Liberty Fund continued its aggressive crypto accumulation, totaling $350M in cryptoasset holdings. This signals potential regulatory leniency for DeFi under the new administration.

• A New Crypto Era Dawns: With crypto-friendly cabinet nominees, initiatives such as the Bitcoin Strategic Reserve (BSR), a Presidential Crypto Council, an SEC-driven crypto task force, and moves to simplify regulations, the administration signals its intent to foster innovation while solidifying the U.S.’s leadership in the cryptoasset industry.

The crypto market surged in anticipation of Trump’s inauguration, especially following the launch of his official memecoin, $TRUMP, in the early hours of Saturday. The token’s fully diluted valuation soared to $73B, attracting around 850K holders and significantly boosting Trump’s net worth in Solana-based assets. Following this, First Lady Melania Trump introduced her own memecoin, $MELANIA, on Sunday. It briefly reached a market cap of approximately $2B before experiencing a 75% retracement, as seen below in Figure 1. The frenzy surrounding these tokens propelled Solana to reach an ATH of around $286 as investors rushed to buy the asset and participate in the ecosystem. However, it’s important to remember that this level of market exuberance typically signals the late stages of a bull market, warranting a more strategic approach from investors. Nevertheless, while vigilance is called for, it’s crucial to recognize that markets still have room for growth, particularly as asset prices often exhibit explosive upside movements in the latter stages of a bull market.

Figure 1: TRUMP & MELANIA Price Performance

Source: 21Shares, Dune

Despite $TRUMP’s questionable tokenomics and potential risks for inexperienced investors, its launch likely signals a shift toward a more crypto-friendly regulatory environment under the new administration. Further, the token’s controversial success highlights memecoins’ role as an effective tool for onboarding crypto newcomers. Unlike complex blockchain projects, memecoins offer a simpler entry point into the crypto world. They can serve as a ”trojan horse,” attracting retail investors with their accessibility and cultural appeal. This initial engagement can then potentially lead users to explore more sophisticated aspects of the crypto ecosystem, including decentralized finance (DeFi) applications and AI-based projects.

That said, their extreme volatility poses significant risks as inexperienced traders may suffer losses from the tokens’ wild price swings, potentially discouraging them from further engaging with crypto.

Despite the mixed short-term and long-term effects, last week’s events revealed a clear beneficiary: Solana. Thanks to its high performance and low costs, the network has now cemented its position as the go-to platform for retail activity. Despite intense usage over the weekend, it avoided typical outages seen in 2022 and 2023, demonstrating improved stability. While some applications, like Coinbase and Phantom, faced challenges with unprecedented demand, causing temporary transaction failures to increase by almost 20%, as seen below, Solana’s network remained robust compared to previous years. What’s worth remembering is that Solana’s resilience during this surge of activity, marked by zero outages, bodes well for its ambitious goal of becoming the ”NASDAQ on the Blockchain.”

Figure 2: Solana Failed Transaction Rate

Source: 21Shares, Dune

It’s worth noting that Solana’s robust performance during this activity surge, handling up to $45B in transactions on January 20 without any outages, demonstrates the network’s progress towards their North Star of becoming ”NASDAQ on the Blockchain.” This feat is particularly impressive when compared to Nasdaq’s average daily volume of $120B, underscoring Solana’s growing capacity to handle significant financial throughput.

As depicted below, even with a significant fee increase, Solana maintains cost-effectiveness, reinforcing its appeal to retail users. However, it’s crucial to look beyond its association with speculative activities. The network is now making significant inroads in diverse sectors, demonstrating its versatility and real-world utility. Notable examples include Decentralized Physical Infrastructure (DePIN) projects like Helium, Render, and HiveMapper; AI initiatives such as Griffain and Ai16z; and tokenization efforts supported by traditional financial institutions, including Franklin Templeton, Hamilton Lane’s SCOPE, and Ondo Finance. This broad spectrum of applications underscores Solana’s potential as a robust platform for innovation across multiple industries.

Figure 3: Solana Transaction Fees

Source: 21Shares, Dune

Similarly, Trump’s endorsed DeFi initiative, World Liberty Financial, has steadily expanded its cryptoasset holding over the recent weeks. In its latest round of acquisitions over the weekend, the project added $47M in ETH and WBTC and $4.7M each in Aave, LINK, TRX, and ENA to its portfolio. This takes the total amount of World Liberty’s holdings up to $350M worth of cryptoassets. It is worth noting that the yet-to-launch protocol is staking ETH with Lido, further echoing the idea that Trump is bullish on DeFi and that the industry will likely grow under his administration.

In this context, despite widespread anticipation, crypto was not mentioned in President Trump’s inaugural address or a leaked Republican policy document outlining national priorities. This omission contrasts with earlier speculation that crypto would become a central focus of the administration. However, it’s crucial to maintain a long-term perspective: Trump’s administration remains one of the most crypto-friendly globally, as evidenced by key pro-crypto appointments and proposed policies. In the following sections, we will explore these initiatives and their potential impact on the digital asset industry.

Bitcoin Strategic Reserve

While it may have gone under the radar, BTC also reached a new ATH, just shy of $109K, ahead of Inauguration Day. Relatedly, Trump’s administration has proposed creating a Bitcoin Strategic Reserve (BSR) to position Bitcoin as a critical financial and strategic asset, similar to gold reserves. The reserve would utilize approximately 80K Bitcoin seized by the U.S. Marshals, redirecting these assets into national holdings rather than auctioning them. Expanding the reserve to a rumored 1M BTC would require Congressional approval for market purchases or over-the-counter acquisitions, potentially funded by U.S. gold reserves.

Figure 4: Theoretical Bitcoin Strategic Reserve If 1M BTC Held Since 2016

Source: 21Shares, Coingecko

The BSR would classify Bitcoin as a strategic asset, held for at least 20 years and only sold to address U.S. debt. Advocates argue this could hedge against inflation, stabilize the dollar, and leverage Bitcoin’s appreciation to reduce national debt. Additionally, it could trigger a global race among nations to accumulate Bitcoin, driving its price higher and positioning the U.S. as a leader in the emerging digital economy. However, such a move would require significant regulatory changes and face challenges like volatility and opportunity costs.

Presidential Crypto Council

Trump’s administration plans to form a presidential crypto council of about 20 industry leaders, including CEOs and founders of major crypto companies. This advisory group would provide insights into the digital asset landscape and help shape innovation-friendly policies while addressing regulatory concerns. Rumored members include Michael Saylor (MicroStrategy), Brian Armstrong (Coinbase), Jeremy Allaire (Circle), Charles Hoskinson (Cardano/Ethereum), and Brad Garlinghouse (Ripple). The council aims to ensure crypto regulation reflects real-world challenges and opportunities, demonstrating the administration’s commitment to industry engagement and positioning the U.S. as a global blockchain leader.

SEC Repeal of SAB 121

A key rumored executive order from Trump’s administration involves repealing SAB 121, an SEC accounting rule requiring companies to treat client cryptoassets as balance sheet liabilities. This repeal would:

  1. Reduce operational risks for firms
  2. Encourage broader institutional participation
  3. Accelerate crypto service adoption in finance
  4. Signal a business-friendly regulatory approach

By easing regulatory friction, this move could enhance U.S. crypto firms’ competitiveness and position the country as a global leader in cryptoasset custody and management.

SEC and CFTC Joint Collaboration on Crypto Market Structure

Another key executive order reportedly under consideration by Trump’s administration involves directing the SEC and CFTC to collaborate on a crypto market structure bill, building on the foundation laid by the FIT21 framework. This initiative aims to establish a unified regulatory framework for digital assets, addressing long-standing jurisdictional ambiguities that have left cryptoassets caught between classifications as securities or commodities. The bill would create clear and consistent rules by fostering cooperation between these two agencies, reducing regulatory uncertainty, and fostering innovation.

Ending Operation Chokepoint 2.0: Restoring Banking Access for U.S. Crypto Companies

Trump’s administration plans to address the FDIC’s debanking of crypto companies and end ”Operation Chokepoint 2.0,” a controversial initiative that restricted banking access for the crypto industry with the likes of Kraken, Coinbase, Signature Bank, Paxos, and Binance.US all sharing a similar experience. The administration aims to restore fair treatment and financial access for crypto companies by instructing federal agencies to cease discriminatory practices. This move would provide stability, attract institutional players to the U.S. crypto market, and reaffirm the administration’s commitment to fostering a competitive financial environment.

SEC’s Shift in Stance Could Pave the Way for Expanded Crypto Spot ETPs

A revamped SEC under the new administration is set to redefine crypto regulations, legitimizing the industry and fostering innovation. Clear and fair rules would signal that the U.S. is open for business, attracting top talent and projects. This regulatory clarity is expected to unlock institutional capital as traditional finance gains the confidence to invest in digital assets with legal protections. The SEC’s progressive stance increases the likelihood of approving multiple spot crypto ETPs, enabling broader adoption and integration into traditional investment portfolios. This shift validates the crypto industry and positions the U.S. as a leader in financial innovation. Further, the newly established crypto-focused task force led by Commissioner Hester Pierce is designed to establish clear regulatory guidelines, practical registration paths, and sensible disclosure frameworks for crypto companies. Thus, this new body could help approve a broader range of ETPs.

Trump Cabinet Members

While Trump’s proposed appointees are yet to go through Senate approvals, here’s a quick overview of key pro-crypto members.

• Robert F. Kennedy Jr. (Secretary of Health and Human Services): A Bitcoin advocate who views it as the ”currency of freedom” and hedge against inflation, with most of his net worth invested in Bitcoin.

• David Sacks (Crypto and AI Czar): Early Bitcoin investor and backer of projects like Solana and dYdX, bringing deep expertise to blockchain innovation.

• Paul Atkins (Chair of the SEC): Former SEC commissioner with extensive experience helping crypto-native companies navigate regulatory compliance.

• JD Vance (Vice President): A Bitcoin supporter and venture capitalist with investments in blockchain startups and a crucial advocate for pro-crypto legislative initiatives.

• Elon Musk (Co-Head of D.O.G.E): A vocal supporter of blockchain innovation, holding Bitcoin, Ethereum, and Dogecoin, with Tesla’s $1.5B Bitcoin investment under his leadership.

• Vivek Ramaswamy (Co-Head of D.O.G.E): A vocal crypto advocate and co-founder of Strive Asset Management, Ramaswamy launched the Strive Bitcoin Bond ETF, proposed backing the U.S. dollar with Bitcoin, and champions clear regulations and wallet protections to drive innovation and financial freedom.

• Howard Lutnick (Secretary of Commerce): CEO of Cantor Fitzgerald, managing Tether’s U.S. treasury portfolio while acquiring a 5% stake, and holds personal Bitcoin investments worth hundreds of millions.

• Scott Bessent (Secretary of the Treasury): Founder of Key Square Group, Bessent advocates for balanced crypto regulations and has made sizable personal investments of $250K–$500K in Bitcoin ETPs.

For a deeper dive into their backgrounds and potential impact, check out our full breakdown on our latest blog.

All in all, while Trump did not address crypto in his inauguration speech or through executive orders, he has already begun appointing key figures supportive of the industry. Thus, he is starting to follow through with his promises. It seems he’s headed towards fostering a pro-crypto environment that provides a clearer path for companies to operate within the U.S.

Nevertheless, with the exuberant market activity we’ve seen in the last few days, it’s an opportune time for investors to stay mindful and ensure their positions remain aligned with their long-term objectives and risk tolerance.

What’s happening this week?

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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Börshandlade produkter som ger exponering mot AAVE

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I denna text tittar vi närmare på olika börshandlade produkter som ger exponering mot AAVE. Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar AAVE. Vi har identifierar fyra stycken sådana produkter.

I denna text tittar vi närmare på olika börshandlade produkter som ger exponering mot AAVE. Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar AAVE. Vi har identifierar fyra stycken sådana produkter.

De olika produkterna skiljer sig en del åt, en del av emittenter av ETPer arbetar med så kallad staking för vissa kryptovalutor, vilket gör att förvaltningsavgiften kan pressas ned. Det är emellertid inte så att alla dessa börshandlade produkter är identiska varför det är viktigt att läsa på.

Börshandlade produkter som ger exponering mot AAVE

Precis som för många andra kryptovalutor och tokens finns det flera olika börshandlade produkter som spårar AAVE. Det finns faktiskt en börshandlad produkt som är noterade på svenska börser vilket gör att den som vill handla med dessa slipper växlingsavgifterna, något som kan vara skönt om det gäller upprepade transaktioner i olika riktningar.

För ytterligare information om respektive ETP klicka på kortnamnet i tabellen nedan.

NamnTickerValutaUtlåningStakingISINAvgift
21Shares Aave ETPAAVEUSDNejNejCH1135202120 2,50%
21Shares Aave ETPAAVEEURNejNejCH1135202120 2,50%
Valour Aave (AAVE) SEK Valour Aave SEKSEKNejNejCH11086793381,9%
Global X Aave ETPAVMXEURNejNejGB00BM9JYH620,99%

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UIW1 ETF ger exponering mot socialt ansvariga företag i Europa

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UBS ETF (LU) MSCI Europe Socially Responsible UCITS ETF (EUR) A-acc (UIW1 ETF) med ISIN LU2206597804, strävar efter att spåra MSCI Europe SRI Low Carbon Select 5% Issuer Capped-index. MSCI Europe SRI Low Carbon Select 5% Emittent Capped-index spårar värdepapper från Europa. Endast företag med mycket höga ESG-betyg (Environmental, Social and Governance) i förhållande till sina branschkollegor ingår. Vikten för varje företag är begränsad till 5 %.

UBS ETF (LU) MSCI Europe Socially Responsible UCITS ETF (EUR) A-acc (UIW1 ETF) med ISIN LU2206597804, strävar efter att spåra MSCI Europe SRI Low Carbon Select 5% Issuer Capped-index. MSCI Europe SRI Low Carbon Select 5% Emittent Capped-index spårar värdepapper från Europa. Endast företag med mycket höga ESG-betyg (Environmental, Social and Governance) i förhållande till sina branschkollegor ingår. Vikten för varje företag är begränsad till 5 %.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,18 % per år. UBS ETF (LU) MSCI Europe Socially Responsible UCITS ETF (EUR) A-acc är den billigaste och största ETFen som följer MSCI Europe SRI Low Carbon Select 5% Emittent Begränsat index. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

UBS ETF (LU) MSCI Europe Socially Responsible UCITS ETF (EUR) A-acc har tillgångar på 142 miljoner euro under förvaltning. Denna ETF lanserades den 26 februari 2021 och har sin hemvist i Luxemburg.

Översikt

Investeringsmålet är att replikera pris- och avkastningsutvecklingen för MSCI Europe SRI Low Carbon Select 5 % Emittenttak med totalavkastning nettoindex netto efter avgifter.

Fonden investerar i allmänhet i aktier som ingår i MSCI Europe SRI Low Carbon Select 5% Issuer Capped Index. Bolagens relativa viktning motsvarar deras viktning i index.

Fonden förvaltas passivt.

Handla UIW1 ETF

UBS ETF (LU) MSCI Europe Socially Responsible UCITS ETF (EUR) A-acc (UIW1 ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och SIX Swiss Exchange.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest, SAVR och Avanza.

Börsnoteringar

BörsValutaKortnamn
gettexEURUIW1
Borsa ItalianaEUREURSRI
SIX Swiss ExchangeEUREURSRI
XETRAEURUIW1

Största innehav

VärdepapperISINValutaVikt %
ASML HOLDING NVNL0010273215EUR5.51
ROCHE HOLDING AG-GENUSSCHEINCH0012032048CHF5.09
NOVO NORDISK A/S-BDK0062498333DKK5.03
SCHNEIDER ELECTRIC SEFR0000121972EUR4.92
ABB LTD-REGCH0012221716CHF3.34
RELX PLCGB00B2B0DG97GBP3.13
ZURICH INSURANCE GROUP AGCH0011075394CHF2.89
HERMES INTERNATIONALFR0000052292EUR2.83
MUENCHENER RUECKVER AG-REGDE0008430026EUR2.51
ESSILORLUXOTTICAFR0000121667EUR2.48

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