Crypto ETFs

A crypto exchange-traded fund (ETF) is an investment fund that tracks the price of a cryptocurrency or basket of digital assets. Shares of the ETF are traded on stock exchanges, allowing investors to gain exposure without directly holding the cryptocurrency.

There are two primary types of crypto ETFs.

Spot Crypto ETFs

Spot crypto ETFs hold the actual underlying cryptocurrency in custody. The ETF’s share price tracks the real market price of the asset.

Key features include:

• Direct exposure to the cryptocurrency’s spot price
• Institutional-grade custodians storing the digital assets
• Creation and redemption mechanisms that maintain price alignment
• Trading on traditional stock exchanges through brokerage accounts

Spot Bitcoin ETFs have become one of the fastest-growing financial products in history, attracting significant institutional capital and increasing mainstream access to crypto markets.

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Futures-Based Crypto ETFs

Futures-based ETFs track cryptocurrency prices using futures contracts, usually traded on regulated derivatives exchanges.

Key characteristics include:

• No direct ownership of cryptocurrency
• Exposure through rolling futures contracts
• Potential tracking differences compared to spot prices
• Additional costs due to futures contract rollovers

These products were the first crypto ETFs approved in several jurisdictions before regulators permitted spot-based funds.

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Crypto ETNs

A crypto exchange-traded note (ETN) is a debt instrument issued by a financial institution that promises to replicate the performance of a cryptocurrency or crypto index.

Unlike ETFs, ETNs do not necessarily hold the underlying digital assets.

Key characteristics include:

• Returns tied to the performance of a cryptocurrency benchmark
• Issuer credit risk
• Commonly used for crypto products listed on European exchanges

ETNs are widely used in markets such as Switzerland, Germany, and the Nordic countries.

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Crypto ETCs

Some European crypto products are structured as exchange-traded commodities (ETCs).

These products typically:

• Hold the underlying cryptocurrency as collateral
• Provide physically backed exposure similar to commodity ETFs
• Track the price of a specific digital asset

Crypto ETCs are often used to offer exposure to assets like Bitcoin, Ethereum, or diversified crypto baskets.

Coverage

Explore the digital asset market with our comprehensive Crypto Assets Overview dashboard, tracking 50+ leading cryptocurrencies, including Bitcoin ETFs, Ethereum ETFs, Solana ETFs, and Ripple ETFs. This analytics page provides data on crypto ETF flows and AUM.