The Difference Between a Bitcoin ETF and a Grayscale Option

The EITL is an ETF backed by the cash settled CME Bitcoin futures. It will for now not trade at a severe discount like GBTC will, but it's not going to be a perfect one to one follower of the price of Bitcoin either. I have a theory that in the long run, Bitcoin will become a reserve asset that central banks can transact without having to worry about OFAX sanctions and whatnot. And then there's all the applications on top of blockchains, which continues to look out for actual adoption beyond speculating.