The BIT may also represent a smart tool for investors who don't want to risk putting their money in the hands of exchanges (some of which have suffered scandals throughout bitcoin's young history), according to trader Brian Kelly.
"If you're going to put any real money into bitcoin the last thing you want to do is put any money on an exchange," he said. "This gives you that kind of security."
But even if some investors see the appeal of the BIT, it may soon have competition.
Investors Tyler and Cameron Winklevoss have been pitching a bitcoin ETF for some time and are going through the regulatory process of applying through the SEC. Their fund, which would trade on the Nasdaq and have the ticker symbol "COIN," is seeking to list 1 million shares, according to a recent filing.
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While Kelly allowed that some traders may find the Winklevoss ETF more appealing because it does not trade on the OTC markets, he said he did not think that the added draw would be significant.
"Really, you are talking about technicalities. If you want to just buy bitcoin they are similar," he said.
For his part, Silbert was confident about the future success of BIT (and its first-mover advantage) compared to any would-be competitors. "The way we think about it is the race is already over," he said.
The "ultimate end goal" is to register BIT shares with the SEC, and trade the fund on the New York Stock Exchange, Silbert said, adding that he cannot give any assurances of what the future may hold.
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