Why a Bitcoin Stock-Exchange Product Is Not Bitcoin in a Wallet

Key Takeaways Bitcoin exposure can come through coins, fund shares or derivatives. A spot Bitcoin ETP may hold BTC while investors trade shares in the product. Trading hours, fees, custody and withdrawal rights can vary between products. Three account balances can follow the same BTC chart Bitcoin’s price can sit behind several very different positions. A buyer may control transferable coins, own a listed security issued by a fund, or hold a contract linked to the market. The price movement may look familiar in each case, while the holder’s rights and responsibilities change.