Why BlackRock's Bitcoin ETF proves 'ETFs are no joke'

BlackRock's iShares Bitcoin Trust exchange-traded funds (ETFs) (NASDAQ: IBIT) have leapfrogged Deribit, the top crypto-native derivatives exchange, to become the largest venue for Bitcoin options by notional open interest. An ETF is an investment fund that pools assets, such as stocks, bonds, or commodities, into a single product that trades on an exchange, similar to a stock. Bloomberg Intelligence data show that IBIT now controls $38 billion in open interest, taking the lead over Deribit, which had bee ...