If you want the cleanest window into how Bitcoin moved from the edges of finance to the front page of Bloomberg tickers, talk to someone who’s shipped products through all the awkward stages.

Elliot Johnson has. As CIO and COO of Evolve ETFs, he filed for a Bitcoin ETF back in 2017, got told “no,” kept building, and then launched the Evolve Bitcoin ETF with his team (TSX: EBIT) in February 2021.

In June 2025, Evolve added a 1.25x daily exposure fund (TSX: LBIT) for investors who like the accelerator pedal.1


Learn more at [https://evolveetfs.com/product/ebit/](https://evolveetfs.com/product/ebit/)

In the early days, buying bitcoin meant wiring money to an unfamiliar exchange and praying you hadn’t just “donated to a phishing expedition,” as Johnson jokes.

Things have come a long way since then. [Self-custody](https://bitcoinnews.com/adoption/self-custody-in-bitcoin/) remains the gold standard for those who value personal sovereignty, but the reality is not everyone wants to manage private keys for millions in assets.

For large institutions and high-net-worth investors, the ETF bridges that gap, offering secure, regulated exposure to bitcoin through the same brokerage accounts they already trust, without sacrificing the asset’s core appeal as sound, scarce money.

“The friction of moving money from the TradFi system to an exchange, then off exchange if you take self-custody, is still a big departure from where most people are comfortable. ETFs solve that.”

From “No” in 2017 to Millions Trading Daily

Evolve filed its first Bitcoin ETF application when the Cboe (not even the CME) had just announced futures. Back then, Johnson’s plan leaned on derivatives because spot wasn’t on the menu.

Four years later, Canada green-lit spot ETFs in 2021 and Evolve launched EBIT, which holds physical bitcoin, eligible for TFSA and RRSP, so Canadians can buy bitcoin exposure the same way they buy stocks and gold.

The difference has been night and day. “Daily liquidity, proper market-making, and futures for hedging” means the price you see in your brokerage account tracks real-time bitcoin pricing, with creations and redemptions happening under the hood.

“Market makers quote the exact real-time price all day. In many cases you’re getting better execution than some exchanges because there’s more participation.”

Why the Current Market Structure Feels Healthier

Johnson is no stranger to wild weekends on the chart. But he thinks bitcoin’s market design of 24/7 trading, no circuit breakers, and no central bank rescue, actually clears problems faster.

“One of the under-appreciated features of Bitcoin is instant finality on changes in the market. Leverage gets wiped, it’s over, and price can reset since there is no government stepping in. The fire happens, and it’s done.”

Volatility still exists, but is trending lower. That, in his view, is what invites larger asset owners in.

Does “Paper Bitcoin” Exist In These ETF Products?

Twitter loves a spicy rumor. Johnson’s not taking the bait. Claims that spot ETFs are “paper” without in-kind, are, as he puts it, “simply not true.”

He explains that “you still need to be an approved participant” to create or redeem ETF units, and for anyone who wants self-custody, “the fastest path is still \[to\] sell your Bitcoin ETF, take the cash, \[and\] buy Bitcoin,” then withdraw to a personal wallet.

He adds, “It’s always been real Bitcoin” backing the funds, with “one-to-one” liquidity back to the market.

Would in-kind make life nicer for certain institutions? Sure. But he notes it’s not a magic pipe that sends ETF shares straight to your cold wallet.

Self-Custody vs. Regulated Custody: Pick Your Reasons

Johnson’s been through the rites of passage. In 2017, he bought coins on a Canadian exchange and learned the “not your keys, not your coins” lesson during the Bitcoin Cash fork.

“I emailed after the fork and got the essence of: not your keys, not your coins, not your fork.”

He respects the real need for self-custody, especially in crisis zones or under capital controls. But he also points out that once your stack gets large, sleeping well can mean using regulated infrastructure with heavy oversight.

“Trusting yourself isn’t always easier than trusting a regulated entity. Our custodian is heavily regulated and audited. The level of scrutiny is higher because Bitcoin is a bearer asset.”

His forecast is balanced: the future isn’t all ETFs or all hardware wallets. It’s choice. Like gold, many investors will hold exposure through financial products, and others will self-custody for [sovereignty](https://bitcoinnews.com/opinion/becoming-economic-independent/) or mobility. Both matter.

Forks: What Would an ETF Do?

ETFs actually plan for forks. It’s in the documents.

“Every prospectus has a fork section. If a fork has viability and monetary value, the plan is to sell it and buy more bitcoin for the fund. If your custodian doesn’t support the chain, you don’t really ‘have’ the asset. Infrastructure maturity matters here.”

Could another big fork happen? Sure. Would it play out like 2017? Many have doubts, given how much capital and infrastructure now anchor to Bitcoin. It’s highly likely that the vast majority of ETF providers would instantly sell the weaker fork and use it to buy real bitcoin.

Adoption: The Snowball Is Just Starting to Roll

Here’s Johnson’s headline: there’s still an ocean of capital on zero.

“We’re still crushingly early. Most big asset owners, pensions, institutions, \[etc\] have no allocation. Even here in Canada, only one of the six major banks lets advisers use Bitcoin ETFs on a discretionary basis, and that’s limited.”

What moves the needle? Bigger market cap, deeper dollar liquidity, and less volatility. As more coins get tucked away by long-term holders, new adoption pushes price, which grows capacity for even larger allocators. Rinse, repeat.

The culture shift is real, too.

“It’s not odd anymore to see Bitcoin on CNBC and Bloomberg. You see dollar, S&P 500, gold, Bitcoin, oil. It’s just there. The [Overton window](https://bitcoinnews.com/opinion/the-overton-window-bitcoin/) moved.”

Bitcoin is no longer something you only heard about from your fringe friend on a cypherpunk forum. It’s in the financial headlines, on prime-time TV, and discussed daily by mainstream investors and the new wave of youtubers & podcasters with massive audiences.

The conversation has gone mainstream, even if the adoption curve still has miles to go.

A Small Easter Egg for the Bitcoin History Nerds

Johnson’s favorite bit of Bitcoin lore: the difficulty retarget is every 2016 blocks. The inverse of Executive Order 6102, which seized Americans’ gold in 1933.

“Given the genesis block, I think Satoshi chose that number on purpose.”

File under: reasons Bitcoiners smile at random block heights.

Where Evolve Fits In

Together, the two funds serve distinct audiences: those seeking straightforward bitcoin exposure without the operational hurdles of self-custody, and those comfortable with higher volatility in pursuit of greater upside.

Both reinforce Evolve’s mission, to make bitcoin investing accessible, transparent, and institutionally secure.

The Next 12–18 Months

Everyone on Bitcoin Twitter (and Nostr) is wondering what shape this cycle will take. Johnson’s base case: it won’t mirror the past.

“The year after this one has historically been hard. I’m not sure it will be. A more constructive 2026 would be a huge green light for adoption.”

And that slide he shows advisers, the one comparing the price of an average house in fiat currency versus bitcoin over time, might be the most persuasive visual in his entire deck. “I kind of think I don’t need any other slides,” Johnson jokes.


For educational purposes only. Source: Crypto.com and Redfin.com housing market, as at December 2024.

A Meme Showing Homes Priced In Bitcoin

It’s a simple illustration of a profound shift. As the years pass, the dollar price of a home climbs higher, while the bitcoin price trends lower. You don’t need a PhD in economics to understand what that means.

Johnson says he doesn’t yet denominate his daily life in bitcoin because too much still happens in fiat, but he admits to occasionally running a “mental balance sheet” in sats.

It’s a familiar pattern among Bitcoiners. Few are measuring cups of coffee or fast food in sats, but when it comes to the bigger things like a home, a car, a mortgage, well, life starts to look increasingly deflationary when viewed through the lens of [sound money](https://bitcoinnews.com/opinion/the-evolution-of-sound-money/).

Over time, it becomes less about bitcoin’s price and more about what one bitcoin can buy.

That’s the quiet psychological shift taking root beneath the charts, one slide at a time.

Final Word: Get Off Zero

Bitcoin was