Glossary Newborn Nine

A term introduced by Bloomberg Senior ETF analyst Eric Balchunas to refer to a group of nine spot Bitcoin ETFs that were launched in January 2024. These funds have emerged as significant competitors to the well-established Grayscale Bitcoin Trust (GBTC). The “Newborn Nine” are distinctive for their role in diverting investments from GBTC, signaling a significant shift of capital within the cryptocurrency ETF landscape. The term encompasses the following ETFs: iShares Bitcoin Trust ($IBIT), Fidelity Wise Origin Bitcoin Trust ($FBTC), ARK 21Shares Bitcoin ETF ($ARKB), Bitwise Bitcoin ETF ($BITB), VanEck Bitcoin Trust ($HODL), Invesco Galaxy Bitcoin ETF ($BTCO), Franklin Bitcoin ETF ($EZBC), Valkyrie Bitcoin Fund ($BRRR), and WisdomTree Bitcoin Fund ($BTCW).