On January 10, 2024, the Securities and Exchange Commission (“SEC”) granted approval to spot bitcoin exchange-traded products, a little over 10 years after the first application with the SEC to create a spot bitcoin product. Within the first three days of trading, bitcoin exchange-traded funds (ETFs) pulled in just under $900 million from investors. While it may be tempting to jump on the bandwagon to invest in a spot bitcoin ETF, there are several matters that investment advisers of registered mutual funds (or exchange-traded funds) should consider before adding this asset class to a fund’s investment strategy.