Both Bitcoin spot ETFs and futures ETFs have their pros and cons. While a Bitcoin spot ETF is certainly more “legitimate” than a futures ETF because it involves actually buying Bitcoin, it’s hard to say which is better.
After all, a bitcoin futures ETF might not buy bitcoin at the spot price, but it simplifies the buying process and allows investors to bet on the market, whether they choose to go short or otherwise. For the same reason, some bitcoin futures ETFs struggle to accurately track the price of bitcoin, and many ETFs also charge annual fees for entering into contracts with the company.
Instead, according to many bitcoin enthusiasts, a bitcoin spot ETF would bring “legitimacy” to the asset, as it would allow users to invest in bitcoin without actually holding it — and on a per-bit basis Invest at the actual price of the coin.