A spot-Bitcoin exchange-traded fund would trade at a meaningful premium to its net asset value, according to Reggie Browne. The head of ETF trading at market-maker GTS told Bloomberg TV on Monday that a fund, if approved, could see an 8% premium to the value of underlying holdings. Compare that with BITO, an ETF which holds futures of the cryptocurrency and is formally known as the ProShares Bitcoin Strategy ETF, with an average premium over the past year of 0.02%. “The spread width is not the concern, I think it’s going to be the premium above NAV,” said Browne. “It will be some crazy number.” The Securities and ... (full story)