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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.
01
Bitcoin balance in a wallet
The holder controls the signing key and can send BTC onchain. Security rests on the recovery phrase, device and transaction approvals.
02
Share in a spot Bitcoin ETP
The fund may hold BTC through a custodian, while the investor owns a listed security bought and sold through a broker.
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