XBT Provider’s Bitcoin Tracker One (COINXBT) ranks as the world’s top cryptocurrency exchange-traded product (ETP) by assets, according to a CoinGecko analysis. It has a cumulative size of $4.43 billion. Remarkably, COINXBT is 71.6% bigger than the second-ranked Ethereum Tracker One (COINETH), which has an asset size of $2.58 billion. COINETH is also from XBT Provider. Notably, COINETH and COINXBT are exchange-traded notes (ETNs).
In the meantime, among the exchange-traded funds (ETFs), a subset of ETPs: the biggest crypto ETF by assets globally is Hashdex Nasdaq Crypto Index FI (HASH11), which has total assets of $1.07 billion. The Brazil-incorporated HASH11 is the largest offering to track Cryptocurrency more widely, across ETPs and ETFs.
Types Of The Top Crypto ETPs and ETFs
Crypto ETFs are famous because of the US Securities and Exchange Commission’s (SEC) persistent delays on spot ETF applications. Nonetheless, crypto ETFs only make up 9 of the biggest 25 crypto ETPs, with a cumulative $4.52 billion in total assets.
Another 8 are crypto exchange-traded commodities (ETCs), accounting for $1.68 billion in total assets, and 5 crypto ETNs represent $8.09 billion in total assets. The others that made it to the top 25 crypto ETPs include 2 closed-end funds (CEFs) and 1 investment trust.
TradFi Prefers Bitcoin And Ethereum Over Widespread Crypto Exposure
Ethereum and Bitcoin are by far the most popular themes dominating the top 25 ETPs, with 12 focusing only on Bitcoin and 7 on Ethereum. Interestingly, only 3 wider crypto-themed offerings and 2 blockchain-themed ETFs featured in the top 25.
This means that traditional finance (TradFi) investors have increased confidence in Ethereum and Bitcoin as alternative investments. However, they are still careful about the other crypto sectors, including altcoins
On that note, the 21Shares Binance BNB ETP (ABNB) was the 15th biggest ETP. ABNB is outstanding since it is the only one among the top 25 ETPs, focusing on Binance Coin (BNB).
The Top Crypto ETFs and ETPs
The top 25 crypto ETFs and ETPs are available from 14 providers who operate in 8 countries.
One of the top operators that brings crypto to TradFi is XBT Provider. It provides 4 of the top 25 ETPs. XBT Provider’s 4 ETNs account for around $7.83 billion in total assets, which translated to a value of 52.1% of all the top 25 ETPs’ cumulative assets.
Purpose Investment and Hashdex follow, accounting for $1.02 billion and $1.27 billion respectively, within the Top 25 ETPs. Both have 2 ETFs each that featured in the top global rankings.
On the other hand, 21Shares has 4 in the top 25 ETPs. However, its offerings have a significantly lower amount of $767.92 million in total assets.
Canada Has The Most Incorporated ETPs
6 of these ETPs are incorporated in Canada, which makes it the nation with the most crypto ETFs represented in the top 25. On the other hand, Sweden, the US, and Switzerland have 4 incorporated crypto ETPs each in this list.
The remaining top crypto ETPs are incorporated in Germany, Jersey, Liechtenstein, and Brazil.
Crypto ETFs Or ETPs, What Are They?
By description, exchange-traded products (ETPs) are financial instruments that mainly trade on exchanges and offer investors exposure to various investment themes and opportunities. Particularly, crypto ETPs play an integral role by helping in connecting traditional financial markets to the cryptocurrency markets.
Cryptocurrency exchange-traded funds (ETFs) are a kind of crypto ETP. Nonetheless, they have other differences because of regulatory needs and stipulations.
Crypto ETFs vs. ETNs vs. ETCs
Crypto ETPs consist of 3 main types: Apart from ETFs, there are crypto exchange-traded commodities (ETCs) and crypto exchange-traded notes (ETNs). Interestingly, ETC may also stand for exchange-traded crypto.
Cryptocurrency ETFs provide a more direct exposure to digital and crypto assets and diversification where appropriate, for example, the ProShares Bitcoin Strategy ETF (BITO) and Hashdex Nasdaq Crypto Index FI (HASH11). Crypto ETFs are quite popular within the crypto community since it is normally used as the default term to refer to all crypto ETPs in the United States.
Related:What Are Crypto Index Funds?
Elsewhere in Europe, ‘crypto ETPs’, ‘crypto ETNs’, or ‘crypto ETCs’ are mainly used in this context instead because of fund regulations.
Crypto ETNs are similar to debt Securities and track cryptocurrency assets without owning them directly, for instance 21Shares Bitcoin ETP (ABTC) and XBT Provider Bitcoin Tracker One (COINXBT).
Crypto ETCs are physically backed, meaning the provider owns the crypto asset itself e.g. CoinShares Physical Bitcoin (BITC), and ETC Group Physical Bitcoin (BTCE).
Here is a list of the top 25 crypto ETPs and ETFs globally, published on September 11, 2023:
|Rank||Crypto ETF/ETP||Total Assets (USD)|
|1||XBT Provider Bitcoin Tracker One (COINXBT)||$4.426 billion|
|2||XBT Provider Ethereum Tracker One (COINETH)||$2.580 billion|
|3||Hashdex Nasdaq Crypto Index FI (HASH11)||$1.074 billion|
|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|