CRYP provides an alternative/derivative to the crypto casino, rather than holding cryptocurrencies (like Bitcoin or Ethereum) directly. The ETF invests in public companies whose business is tied to the “crypto economy” — such as crypto exchanges, miners, infrastructure providers, companies with significant crypto-asset holdings, and other firms involved in blockchain/crypto-related services. Simply put, CRYP gives a regulated, stock-market route into crypto-related businesses (exchanges, miners, infrastructure firms), avoiding some of the challenges and risks of holding actual cryptocurrencies (wallets, custody, volatility, security).
- The ETF holds 57 stocks, with its 5 largest positions currently Coinbase, Applied Digital, Strategy Inc., Cipher Mining, and Riot Platforms.
- It’s relatively small with $204mn market cap, while its fees are reasonable at 0.67%.
- Note this ETF is not hedged, so local investors are carrying FX exposure: 72% the US, followed by 3.3% Singapore.
This ETF gives diverse exposure to a thematic that MM doesn’t cover, hence by definition, if we were to venture into Crypto-land, it’s probably how we would go, plus we do like its derivative nature as opposed to attempting to decipher the value of the underlying coins.
- We aren’t traders/investors in the crypto space, but it does feel vulnerable to further losses into 2026.
MM is neutral on the CRYP ETF into 2026
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