Bitcoin is a zero-inherent value conceptual item. That's "item" as in an entry in a book. There is no actual item.
Bitcoin is a figment of the imagination, existing only because mass hysteria generates belief.
There is nothing that underpins that value except that mass hysteria.
Mass hysteria can and often is reversed. See, for example, the dot com crash where companies were hyped but had no substance.
So, on any logical basis, Bitcoin is not an asset.
It might be an imaginary gambling token. In fact, as its use as a medium of exchange has turned out to be very limited, that's pretty much all it is.
An ETF is an exchange traded fund. According to Reuters today Bitcoin funds will be created and"Their assets will comprise physical bitcoin purchased from crypto exchanges and held via custodians like Coinbase Global"
And there is where the concept is disproved: there are no "physical bitcoin."
The funds will be traded on Nasdaq, The NYSE (New York) and the CBOE (Chicago).
It's Collateralised Debt Obligations revisited, so far as the risks are concerned. I can't wait until hashtag#StandardandPoors hashtag#Moodys and hashtag#Fitch give funds hashtag#TripleA ratings.
There's a risk and compliance mechanism where the funds will be monitored by ... a crypto-exchange.
Well done, U.S. Securities and Exchange Commission . Have you just created the world's biggest, fully regulated, pump and dump scheme?
I suspect so.