CBTC

Bitcoin's fixed supply

Bitcoin's total supply is capped at 21 million coins, a limit written into the protocol that no government, central bank, or company can change. Of those 21 million, almost 20 million (95%) have already been mined. 

This fixed limit could make Bitcoin an effective long-term hedge against inflation and currency devaluation, though its performance depends on investor behaviour and broader macroeconomic conditions. While gold's supply is also scarce, it does not have a predetermined maximum supply, with future supply varying depending on mining activity and new discoveries.

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Institutional Bitcoin adoption

Bitcoin is increasingly being adopted as a strategic reserve asset by both corporations and governments. With corporations now holding more than 8% of Bitcoin’s total supply¹ and countries like the US beginning to explore it as a national reserve, institutional demand is growing nearly five times faster than new Bitcoin is being mined². The rise of crypto ETFs and ETPs is accelerating Bitcoin’s adoption by making it more accessible to both retail and institutional investors.

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Independence from central authority

Like gold, Bitcoin is not controlled by a single government or central authority. Its price cannot be manipulated for domestic or geopolitical gain, helping ensure that it maintains its value if fiat currencies devalue as governments or central banks grapple with their unsustainable levels of debt. Unlike gold, Bitcoin is more convenient to store and highly portable, making it far more efficient to send across borders.

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Why access Bitcoin through an ETP?

For investors who have decided they want Bitcoin exposure, the ETP structure addresses the main practical barrier of direct purchase: complexity.

Buying Bitcoin directly requires opening a separate crypto exchange account, managing custody of the Bitcoin, and in some cases handling private keys. Losing or mismanaging private keys means losing access to Bitcoin permanently. For a position within a broader investment portfolio, this operational complexity may not be proportionate to the size of the allocation.

CBTC trades through the same brokerage account an investor already uses for equities or other funds. There is no separate crypto account to open and no private keys to manage.

Bitcoin's fixed supply

Bitcoin's total supply is capped at 21 million coins, a limit written into the protocol that no government, central bank, or company can change. Of those 21 million, almost 20 million (95%) have already been mined. 

This fixed limit could make Bitcoin an effective long-term hedge against inflation and currency devaluation, though its performance depends on investor behaviour and broader macroeconomic conditions. While gold's supply is also scarce, it does not have a predetermined maximum supply, with future supply varying depending on mining activity and new discoveries.

‍

Institutional Bitcoin adoption

Bitcoin is increasingly being adopted as a strategic reserve asset by both corporations and governments. Corporations now hold more than 8% of Bitcoin’s total supply^1, and countries like the US are beginning to explore it as a national reserve. During certain periods of strong accumulation, net Bitcoin acquisitions by tracked institutional holders had reached approximately five times the amount of new Bitcoin mined over the same period.² The rise of crypto ETFs and ETPs is accelerating Bitcoin’s adoption by making it more accessible to both retail and institutional investors.

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Independence from central authority

Like gold, Bitcoin is not controlled by a single government or central authority. Its price cannot be manipulated for domestic or geopolitical gain, helping ensure that it maintains its value if fiat currencies devalue as governments or central banks grapple with their unsustainable levels of debt. Unlike gold, Bitcoin is more convenient to store and highly portable, making it far more efficient to send across borders.

‍

Why access Bitcoin through an ETP?

For investors who have decided they want Bitcoin exposure, the ETP structure addresses the main practical barrier of direct purchase: complexity.

Buying Bitcoin directly requires opening a separate crypto exchange account, managing custody of the Bitcoin, and in some cases handling private keys. Losing or mismanaging private keys means losing access to Bitcoin permanently. For a position within a broader investment portfolio, this operational complexity may not be proportionate to the size of the allocation.

CBTC trades through the same brokerage account an investor already uses for equities or other funds. There is no separate crypto account to open and no private keys to manage.

What are the risks of investing in CBTC? CBTC is directly exposed to Bitcoin's price, which can be extremely volatile; investors can lose some or all of their invested amount.

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Footnotes:

1.  CoinGecko. 2026. “Bitcoin Treasury Holdings: BTC Holdings of Public Companies & Governments.” CoinGecko. Accessed March 4, 2026. https://www.coingecko.com/en/public-companies-bitcoin. 

2. Bitcoin Treasuries. (2026, March 4). Bitcoin Treasuries. https://bitcointreasuries.net/