How to Play It WOULD YOU SETTLE FOR A DERIVATIVE?

Using a coin exchange like Coinbase is not the only way to get in on crypto. There’s Grayscale Bitcoin Trust (GBTC), which owns a pile of coins and has shares trading, over the counter, at an erratic premium to their coin value.

Not yet approved by the Securities and Exchange Commission: exchangetraded funds that would compete with

Grayscale and largely eliminate the premium/discount problem. Already in place: cash-settled Bitcoin futures on CME’s Globex platform. A busy day at the CME will see volume of 20,000 contracts, each for five coins. That’s

$3 billion–plus of betting action.