Holding equities through a brokerage and using their interfaces are a well-understood problem. Managing a bitcoin wallet requires a bit more effort (though hope

Holding equities through a brokerage and using their interfaces are a well-understood problem. Managing a bitcoin wallet requires a bit more effort (though hopefully not too much more). Even worse is managing KYC & identity verification through existing Bitcoin exchanges, and navigating the scams and frauds from the real spot markets, and being able to transfer money in and bitcoin out from those markets. Same reason gold ETFs are big -- people want exposure to the price of gold, but managing physical gold requires effort that many are not willing to put forth. On a systemic side, ETFs have a number of advantages; notably a credit market (share borrow, etc.) which can lead to effective shorting of the price of the underlying, something that is difficult to pull off without getting suckered in by the next FTX. Plus inclusion in other ETFs, inclusion in various retirement schemes, and generally the wide availability of liquidity in equity markets.