A Swedish Bitcoin Exchange Traded Note (ETN) called Bitcoin Tracker One (CXBTF) can now be invested in via some US markets. Check with your broker/exchange to see if the product is offered.
This isn’t exactly a replacement for the long awaited ETF or even a replacement for the current sole Bitcoin product on US markets GBTC, it is its own unique product.
In short, CXBTF issues notes through XBT Provider AB (XBT Provider AB, a subsidiary of U.K.-based CoinShares Holdings, which purchases the relevant amount of Bitcoin needed according to Bloomberg). Then, each note represents fractions of Bitcoin held by Coinshares Holdings.
US investor can use US dollars to indirectly buy the product with foreign dollars for a fee (see F shares).
The end result is owning an asset that tracks the price of Bitcoin and is backed by Bitcoin.
Unlike GBTC, this ETN does not trade at a premium to Bitcoin (unlike GBTC), however, 1. there is a fee for indirectly utilizing a foreign product, 2. the exchange rate between Sweden and the US can have an effect on your investment, 3. and like any crypto product volatility should be expected.
So, in simple terms, some US customers will now have a GBTC alternative for Bitcoin investments, but unfortunately US investors will have to deal with some fees due to the fact that one is buying a foreign product through US markets.