We hope our regulators look at these filings as a way to democratize crypto.
Larry Fink, BlackRock CEO
An exchange-traded fund (ETF) is like a basket of stocks, bonds, commodities, or even crypto-linked products bundled into one ticker. You can buy and sell ETFs on a stock exchange. ETFs became popular because they are simple, often low-cost, and let people spread risk faster than buying one asset at a time.
Origin and Background
The first ETF-style product launched in Canada in 1990: the Toronto 35 Index Participation Units (TIPs). It proved that an index could trade all day like a stock.
In the US, the first major ETF was the SPDR S&P 500 ETF Trust (SPY), launched on January 22, 1993.
After years of delays, the US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs on January 10, 2024, and by 2025, these funds were major on-ramps for traditional investors.
Key Highlights
- In 2015, Bitcoin Tracker One began trading on Nasdaq Stockholm, often described as the first Bitcoin exchange-traded product on a regulated exchange.
- On February 18, 2021, Purpose Bitcoin ETF (BTCC) launched in Canada, providing spot Bitcoin exposure.
- On October 19, 2021, ProShares BITO launched as the first US Bitcoin-linked ETF, using Bitcoin futures contracts.
- January 2024 saw the SEC approve the listing and trading of 11 spot Bitcoin ETP funds.
- In July 2024, spot Ether ETFs began trading in the US.
- December 2025 saw the iShares Bitcoin Trust ETF in the top 5 ETFs regarding inflows.
Impact on the Industry (2025)
In 2025, crypto ETFs became a main on-ramp for traditional investors, including retirement accounts and financial advisors. For many people, an ETF became their first crypto buy.
Looking Ahead (2026 and Beyond)
Expect more types of crypto ETFs, but with tradeoffs. For example, spot ETFs hold the cryptocurrency, but do not provide control over the coins or allow you to use them on-chain.
