“That said, at the end of the day, bitcoin futures ETFs are commodity products.
The WisdomTree fund, like most in Europe, is physically backed by bitcoin, rather than being based on the futures market as its US counterparts are.
However, Lamont was unconvinced this should a major factor.
We feel very comfortable given that we have a product in the marketplace that has very strong liquidity and a very strong asset base,” said LaValle, who argued that the cost of rolling futures contracts incurred by the first wave of US bitcoin ETFs meant GBTC would still have higher returns, despite its higher total expense ratio.