The world of digital assets continues to evolve rapidly, and with the U.S. Securities and Exchange Commission’s landmark approval of the first 11 spot-bitcoin exchange-traded funds (ETFs) in January, investor interest has surged. These financial products offer a regulated, accessible way to gain exposure to cryptocurrency markets without directly holding digital coins.
But spot-bitcoin ETFs aren’t the only path into this dynamic sector. For investors seeking broader exposure or a more diversified approach, several thematic cryptocurrency ETFs invest in companies that power the blockchain ecosystem—from mining operations to financial platforms and tech innovators. These funds allow investors to participate in the crypto revolution through traditional stock market channels, potentially reducing some of the risks associated with direct crypto ownership.
Below are three of the most compelling cryptocurrency ETFs that offer unique entry points into different segments of the digital asset economy.
First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT)
The First Trust SkyBridge Crypto Industry and Digital Economy ETF (CRPT) is designed for investors looking to tap into both the core crypto ecosystem and the broader digital economy. This actively managed fund targets companies that derive at least 50% of their revenue or assets from cryptocurrency-related activities—such as Bitcoin or Ether holdings—or from digital economy services like fintech, cloud computing, and blockchain infrastructure.
To qualify for inclusion, crypto-focused firms must meet strict revenue and asset thresholds tied directly to digital assets. Meanwhile, digital economy companies must demonstrate significant involvement in technology-driven economic models.
With 30 holdings and 81% of its portfolio based in the U.S., CRPT offers concentrated exposure to industry leaders. Its top three positions—MicroStrategy (MSTR), Coinbase Global (COIN), and Marathon Digital Holdings (MARA)—are well-known players in the Bitcoin investment and exchange space.
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As of March 28, CRPT was trading at $14.90 per share, making it an affordable entry point for new investors. The fund has delivered impressive returns: up 43% year-to-date and a staggering 244% over the past 12 months. However, since its launch on September 20, 2021, it has declined about 23%, reflecting the high volatility typical of crypto-linked equities.
Investors should also note its expense ratio of 0.85%, which is relatively high compared to traditional index funds but common among actively managed thematic ETFs.
Valkyrie Bitcoin Miners ETF (WGMI)
For those specifically interested in the infrastructure behind Bitcoin, the Valkyrie Bitcoin Miners ETF (WGMI) focuses on companies involved in Bitcoin mining and its supporting technologies. At least 80% of the fund's assets are invested in firms that earn at least half their revenue from mining operations or from supplying essential hardware—like semiconductors—and software used in mining.
This strategic focus gives WGMI dual exposure: to the performance of Bitcoin itself and to the growth of high-demand tech sectors like semiconductor manufacturing. Notably, NVIDIA (NVDA), a leader in GPU technology critical for mining, is among the top holdings alongside pure-play miners CleanSpark (CLSK) and Marathon Digital (MARA).
With just 22 stocks, WGMI maintains a focused portfolio. While its year-to-date return was down about 5% as of March 28, it posted a strong 125% gain over the previous 12 months. Since its inception on February 7, 2022, the ETF has declined approximately 26%, underscoring the cyclical nature of mining profitability.
Trading at $19.26 per share, WGMI carries an expense ratio of 0.75%. Given its niche focus, it’s best suited for investors comfortable with sector-specific risk and market cycles tied to Bitcoin’s price movements and mining difficulty adjustments.
Schwab Crypto Thematic ETF (STCE)
Standing out from its peers, the Schwab Crypto Thematic ETF (STCE) takes a passive approach by tracking the proprietary Schwab Crypto Thematic Index. This results in a lower expense ratio of just 0.3%, making it one of the most cost-efficient options in the crypto ETF space.
Rather than focusing solely on crypto-native firms, STCE invests in companies poised to benefit from the adoption of cryptocurrencies, blockchain technology, and distributed ledger systems. Its portfolio includes not only tech leaders but also financial innovators driving mainstream crypto integration.
The fund holds around 37 stocks and features a more balanced sector allocation: roughly 50% in technology, 43% in financials, 5% in consumer discretionary, and 2% in communication services. This diversification sets it apart from more narrowly focused competitors.
Top holdings include MicroStrategy, Coinbase, and CleanSpark—but it also includes financial platforms like Robinhood Markets (HOOD), Block (SQ), and PayPal (PYPL), all of which have integrated crypto trading or payment features.
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As of March 28, STCE was up 24% year-to-date and had gained approximately 126% over the past year. Since its August 3, 2022 inception, the ETF has risen about 58%, showing resilience amid market fluctuations.
Its passive structure and broader thematic reach make STCE an attractive option for investors seeking moderate risk within the aggressive growth category.
Frequently Asked Questions
Q: What is a cryptocurrency ETF?
A: A cryptocurrency ETF is an exchange-traded fund that provides exposure to digital assets or companies involved in the crypto ecosystem. Unlike direct crypto ownership, these funds trade on traditional stock exchanges and often hold stocks of blockchain firms or physical Bitcoin.
Q: Are crypto ETFs safe?
A: While regulated and traded on major exchanges, crypto ETFs are considered aggressive investments due to their exposure to volatile markets. They are best suited for risk-tolerant investors as part of a diversified portfolio.
Q: How do spot-bitcoin ETFs differ from thematic crypto ETFs?
A: Spot-bitcoin ETFs hold actual Bitcoin and aim to track its price directly. Thematic crypto ETFs invest in stocks of companies related to blockchain or crypto services, offering indirect exposure with potential diversification benefits.
Q: Can I lose money investing in crypto ETFs?
A: Yes. These funds are subject to market volatility, regulatory changes, and macroeconomic factors. Some have lost value since inception despite strong recent performance.
Q: Do any of these ETFs pay dividends?
A: Most do not currently pay dividends, as underlying companies often reinvest profits for growth. However, income potential may increase as the sector matures.
Q: Should I invest all my money in crypto ETFs?
A: No. Due to their high-risk profile, experts recommend allocating only a small portion of your portfolio to crypto-related investments after thorough research and consultation with a financial advisor.
Final Thoughts
Cryptocurrency ETFs like CRPT, WGMI, and STCE offer distinct pathways into one of today’s fastest-growing financial frontiers. Whether you're drawn to direct miner exposure, broad digital economy themes, or low-cost index tracking, there’s a strategic fit for various investor profiles.
However, remember that all are relatively new—with less than three years of performance history—and remain highly sensitive to Bitcoin’s price swings and regulatory developments.
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As always, conduct due diligence, assess your risk tolerance, and consider how these aggressive growth assets align with your long-term financial goals.
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