Beating bitcoin ain’t easy

Not all bitcoin ETF investors are built the same.

It’s been four months since nine spot bitcoin ETFs hit US markets, alongside the conversion of Grayscale’s Bitcoin Trust.

The temptation is to lump them all together — but some are doing better than others.

All the funds are operating as intended by tightly tracking bitcoin. But zooming into each fund shows significant variance in how their respective investor classes have performed.

Take Invesco-Galaxy’s BTCO. It has so far netted $286.8 million since Jan. 11, acquiring about 6,698 BTC. At current prices, BTCO’s bitcoin is worth $421 million — putting current shareholders almost 47% up on their…

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