The fund tracks CME bitcoin futures, or contracts speculating on the future price of bitcoin, rather than the crypto itself.

That means investors in the ETF should expect the price and performance of the shares to differ somewhat from the price of bitcoin itself.

This isn't ideal for existing investors; many of them take a long view on cryptocurrencies and had hoped for an ETF that would track physical bitcoin that investors could buy and hold.

"The fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts.

Investors have many ways to get indirect exposure to bitcoin without actually owning it, through institutional-grade funds, financial apps like PayPal and Square's CashApp, or crypto-related equities like Coinbase and mining stocks.