What are the World’s Top Crypto ETFs & ETPs by Assets?
The world’s top crypto exchange-traded product (ETP) by assets is XBT Provider’s Bitcoin Tracker One (COINXBT), with a total asset size of $4.43 billion. COINXBT is 71.6% larger than the second-ranked $2.58 billion Ethereum Tracker One (COINETH), also from XBT Provider. Both COINXBT and COINETH are exchange-traded notes (ETNs).
Meanwhile, among exchange-traded funds (ETFs), which are a subset of ETPs: The top crypto ETF by assets in the world is Hashdex Nasdaq Crypto Index FI (HASH11), with total assets of $1.07 billion. The Brazil-incorporated HASH11 is the biggest offering to track crypto more broadly, across both ETFs and ETPs.
Types & Themes of the Top Crypto ETFs & ETPs
Crypto ETFs may be more widely known due to the US Securities and Exchange Commission’s (SEC) repeated delays on spot ETF applications. However, crypto ETFs only make up 9 of the top 25 crypto ETPs, with a combined $4.52 billion in total assets.
Another 5 are crypto ETNs representing $8.09 billion in total assets, and 8 crypto exchange-traded commodities (ETCs) representing $1.68 billion total assets. The rest are 1 investment trust and 2 closed-end funds (CEFs).
TradFi Favors Bitcoin & Ethereum Over Broader Crypto Exposure
Bitcoin and Ethereum are the most popular themes among the top 25 crypto ETPs, with 12 focusing exclusively on Bitcoin and 7 on Ethereum. In comparison, just 3 broader crypto-themed offerings and 2 blockchain-themed ETFs made it into the top 25.
This suggests that traditional finance (TradFi) investors have greater confidence in Bitcoin and Ethereum as alternative investments, but are still cautious about the rest of the crypto industry, including altcoins.
That said, the 21Shares Binance BNB ETP (ABNB) ranked as the 15th largest ETP. ABNB stands out as the only one in the top 25 ETPs with a focus on Binance Coin (BNB).
Who are the Providers of the Top Crypto ETFs & ETPs?
The top 25 crypto ETFs and ETPs are offered by 14 different providers, incorporated across 8 countries.
One of the leading players bringing crypto to TradFi is XBT Provider, which offers 4 of the top 25 ETPs. XBT Provider’s 4 ETNs alone account for $7.83 billion in total assets, or 52.1% of all top 25 ETPs’ total assets.
Hashdex and Purpose Investment follow behind, albeit accounting for smaller asset sizes of $1.27 billion and $1.02 billion respectively, within the top 25 ETPs. Hashdex and Purpose Investment both have 2 ETFs each that made it into the top global rankings.
While 21Shares also accounts for 4 of the top 25 ETPs, these offerings have a lower amount of combined total assets at $767.92 million.
Canada Ahead of Sweden, US, Switzerland in Top Crypto ETFs & ETPs
6 of the top 25 crypto ETPs are incorporated in Canada, making it the country with the most crypto ETFs represented in global rankings. In comparison, 4 each of Sweden-, US- and Switzerland-incorporated crypto ETPs made it into the global rankings.
The remaining top crypto ETPs are incorporated in Jersey, Brazil, Germany and Liechtenstein.
What are Crypto ETFs or ETPs?
Exchange-traded products (ETPs) refer to financial instruments that trade on exchanges and provide investors with exposure to certain investment themes or opportunities. Specifically, crypto ETPs play an important role by helping to connect the traditional financial markets to crypto markets.
Crypto exchange-traded funds (ETFs) are a type of crypto ETP, but also have other differences due to regulatory requirements.
Crypto ETFs vs ETNs vs ETCs
Crypto ETPs have 3 main types: In addition to crypto ETFs, there are crypto exchange-traded notes (ETNs) and crypto exchange-traded commodities (ETCs). ‘ETC’ may also stand for exchange-traded crypto.
Crypto ETFs offer a more direct exposure to crypto assets, and diversification where relevant e.g. the Hashdex Nasdaq Crypto Index FI (HASH11) and ProShares Bitcoin Strategy ETF (BITO). ‘Crypto ETFs’ might be a more familiar term to the crypto community, because it is usually used as the default term for all crypto ETPs in the US.
On the other hand in Europe, ‘crypto ETPs’, ‘crypto ETNs’ or ‘crypto ETCs’ are mostly used instead due to fund regulations.
Crypto ETNs are like debt securities and track crypto assets without owning it directly e.g. XBT Provider Bitcoin Tracker One (COINXBT) and 21Shares Bitcoin ETP (ABTC).
Crypto ETCs are physically backed, meaning that the provider holds the crypto asset itself e.g. ETC Group Physical Bitcoin (BTCE) and CoinShares Physical Bitcoin (BITC).
Global Top Crypto ETFs & ETPs
The world’s top 25 crypto ETFs and ETPs by total assets, ranked as of September 11, 2023, are:
| Rank | Crypto ETF/ETP | Total Assets (USD) |
|---|---|---|
| 1 | XBT Provider Bitcoin Tracker One (COINXBT) | $4,426 million |
| 2 | XBT Provider Ethereum Tracker One (COINETH) | $2,580 million |
| 3 | Hashdex Nasdaq Crypto Index FI (HASH11) | $1,074 million |
| 4 | ProShares Bitcoin Strategy ETF (BITO) | $915 million |
| 5 | Purpose Bitcoin ETF (BTCC) | $819 million |
| 6 | XBT Provider Bitcoin Tracker Euro (COINXBE) | $471 million |
| 7 | Amplify Transformational Data Sharing ETF (BLOK) | $466 million |
| 8 | Bitwise 10 Crypto Index Fund (BITW) | $439 million |
| 9 | ETC Group Physical Bitcoin (BTCE) | $437 million |
| 10 | CI Galaxy Ethereum ETF (ETHX.B) | $376 million |
| 11 | CI Galaxy Bitcoin ETF (BTCX.B) | $364 million |
| 12 | XBT Provider Ethereum Tracker Euro (COINETHE) | $357 million |
| 13 | CoinShares Physical Bitcoin (BITC) | $280 million |
| 14 | 21Shares Bitcoin ETP (ABTC) | $259 million |
| 15 | 21Shares Binance BNB ETP (ABNB) | $220 million |
| 16 | Purpose Ether ETF (ETHH) | $205 million |
| 17 | 21Shares Ethereum Staking ETP (AETH) | $198 million |
| 18 | Hashdex Nasdaq Bitcoin ETF (BITH11) | $193 million |
| 19 | 3iQ The Bitcoin Fund (QBTC) | $175 million |
| 20 | WisdomTree Physical Bitcoin (BTCW/WBIT) | $174 million |
| 21 | VanEck Bitcoin ETN (VBTC) | $155 million |
| 22 | CoinShares Physical Ethereum (ETHE) | $126 million |
| 23 | 3iQ The Ether Fund (QETH) | $116 million |
| 24 | First Trust Indxx Innovative Transaction & Process ETF (LEGR) | $107 million |
| 25 | 21Shares Crypto Basket Index ETP (HODL) | $91 million |
Methodology
The study examined the top 25 largest crypto-focused exchange-traded products worldwide, based on total assets in USD from Bloomberg and the ETPs’ respective webpages. For the purposes of this study, closed-end funds (CEFs) and investment trusts were also included, while any offerings with non-crypto focuses or lack of trading data were excluded.
Grayscale Bitcoin Trust (GBTC) was excluded, as it is traded over the counter (OTC).
This study is for illustrative and informational purposes only, and is not financial advice. Always do your own research and be careful when putting your money into any crypto or financial asset.
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Curious to find out more about our previous research studies & statistics? Check out this one we did on publicly-listed companies’ Bitcoin holdings.
Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt
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