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Bitcoin ETFs surge Thursday as crypto bulls appear hopeful for U.S. strategic reserve

Exchange-traded funds that provide exposure to bitcoin were surging Thursday, as investors seemed to keep alive hopes the U.S. government could buy the cryptocurrency for a strategic reserve after President-elect Donald Trump enters the White House.

The iShares Bitcoin Trust ETF was up 4.9% in afternoon trading Thursday, while the Grayscale Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund each jumped around 4.7%, according to FactSet data, at last check.

“Crypto is bouncing” as bullish traders “keep hoping that Trump will confirm comments about the government taking a reserve bitcoin position,” said Louis Navellier, chief investment officer of money-management firm Navellier & Associates, in emailed commentary Thursday.

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