Blockchain Equity ETFs Rebound After Spot Bitcoin ETPs

Blockchain equity ETFs have staged a rebound since the January 2024 approval of spot Bitcoin ETPs, and they now trade alongside direct bitcoin products. Fund flows and trading activity have increased for several thematic equity strategies tied to crypto.

These ETFs hold public companies connected to digital-asset markets, including exchanges, stablecoin issuers, digital-asset banks, payments firms, software and data infrastructure providers, semiconductor and AI-linked infrastructure companies, miners and firms that hold bitcoin on their balance sheets.

Spot bitcoin ETPs simplified direct bitcoin investment, reducing the exclusive use of blockchain equity ETFs for price exposure. Blockchain equity ETFs continued to attract capital because they provide equity returns tied to corporate revenue, potential dividends and revenue from services such as custody, trading, mining and stablecoins.

Market activity has broadened beyond bitcoin price moves into stablecoins, tokenization, institutional custody, on-chain payments and corporate treasury adoption of bitcoin, expanding the range of revenue streams for companies included in these funds.

In company-specific reporting, Coinbase said in its May 7 quarterly update that its crypto trading volume market share reached a new high, the platform held about 12% of global crypto assets and Base processed 62% of global on-chain stablecoin transaction volume.

MicroStrategy reported holding 818,669 bitcoin as of May 12, 2026, maintaining its position as the largest corporate holder of bitcoin.

Circle Internet Group links its business model to USDC circulation, reserve income and transaction activity, providing public-equity exposure to stablecoin usage.

Galaxy Digital reported weaker first-quarter revenue tied to lower digital-asset prices and disclosed progress on infrastructure projects, including delivery of a data hall to CoreWeave’s Helios data center campus and approval from ERCOT for additional power capacity.

Several ETFs offer different approaches. Amplify’s BLOK, launched in January 2018, is actively managed and adjusts exposure based on industry trends and regulation; its largest industry allocations are blockchain-based payment and transaction platforms (around 31%) and data centers (about 20%), with holdings such as Hut 8, Cipher Digital and Galaxy Digital.

VanEck’s DAPP follows the MVIS Global Digital Assets Equity Index and includes names such as Iris Energy and Block. VanEck’s NODE, launched in May 2025, is an actively managed fund that can hold companies and spot crypto ETFs tied to the on-chain economy; NODE’s largest digital-asset ETF holding has been VanEck’s bitcoin ETF HODL.

Bitwise’s BITQ tracks an index designed to prioritize pure-play crypto companies and maintains at least 85% allocation to those firms at each rebalance; its top holdings include Circle, MicroStrategy and Coinbase.

State Street’s DECO is actively managed and may hold equities and crypto ETFs or futures; HECO uses an options-overlay hedge to manage downside risk and volatility. State Street’s TEKX targets companies across disruptive technologies including blockchain and artificial intelligence. Invesco Alerian Galaxy’s SATO blends equity exposure to mining, trading and custody with a 15% allocation to crypto ETPs and trusts at each rebalance.

Some blockchain equity ETFs have recently outperformed spot bitcoin ETFs, reflecting gains in sector-specific stocks and strength among non-mining businesses.