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In the fast-paced world of cryptocurrencies, the quest to identify the most prominent players among Exchange-Traded Funds (ETFs) and Exchange-Traded Products (ETPs) is ongoing. Coingecko’s latest research revealed that at the forefront of the cryptocurrency ETP landscape stands XBT Provider’s Bitcoin Tracker One (COINXBT), boasting assets totaling $4.43 billion.
What are the world’s top crypto ETFs & ETPs by assets?
— CoinGecko (@coingecko) September 13, 2023
Our study shows that world’s top crypto ETP is XBT Provider’s #Bitcoin Tracker One (COINXBT), with a total asset size of $4.43B.
Read the full study: https://t.co/LMPXf6T3pM pic.twitter.com/mgwWqsr4mE
This makes it the world’s largest cryptocurrency ETP, overshadowing its closest competitor, XBT Provider’s Ethereum Tracker One (COINETH), by a significant 71.6%. COINETH, with a market cap of $2.58 billion, demonstrates Ethereum’s appeal. Both COINXBT and COINETH represent Exchange-Traded Notes (ETNs).
Conversely, Hashdex Nasdaq Crypto Index FI (HASH11) is the world’s largest cryptocurrency Exchange-Traded Fund (ETF). With $1.07 billion in assets, this Brazilian-based giant leads the charge in the ETF and ETP landscape, embodying the broader cryptocurrency market.
Bitcoin and Ethereum Dominate
Of the top 25 crypto ETPs, 12 are exclusively dedicated to Bitcoin, while seven are solely committed to Ethereum. This preference for Bitcoin and Ethereum among traditional finance (TradFi) investors sends a clear message of optimism, overshadowing the enthusiasm for other cryptocurrencies, including altcoins.
However, amidst this Bitcoin and Ethereum dominance, ABNB, short for 21Shares Binance BNB ETP, is the fifteenth largest ETP. Only one of the top 25 exchange-traded products (ETPs) focuses on Binance Coin (BNB), and that product is ABNB.
ETF rankings chart | Source: CoinGecko
Prominent Crypto ETP Issuers
As diverse as the cryptocurrencies themselves, the top 25 crypto ETFs and ETPs hail from 14 different companies located in 8 different countries. Leading the charge is XBT Provider, a pioneering entity that has introduced Bitcoin to traditional finance (TradFi). With four top 25 ETPs, XBT Provider commands an impressive $5.21 billion in assets, equivalent to 52.1% of the total crypto ETP market.
Hashdex and Purpose Investment follow closely, securing the second and twenty-fifth positions, respectively, with assets valued at $1.27 billion and $1.02 billion. These entities have demonstrated their prowess with two top-notch ETFs each.
In a league of its own, 21Shares, though featuring four ETPs among the top 25, lags in total assets with $767.92 million.
Canada Leads the Way in Crypto ETPs
Canada emerges as a cryptocurrency ETP powerhouse, boasting 6 of the top 25 crypto ETPs in the global ranking. In stark contrast, only four crypto ETPs are incorporated in Sweden, the United States, and Switzerland.
Rounding out the list of top crypto ETPs are those based in Jersey, Brazil, Germany, and Liechtenstein, offering a global perspective on crypto investment opportunities.
The crypto ETP landscape is multifaceted, offering a cornucopia of options for investors. For example, XBT Provider Bitcoin Tracker One (COINXBT) and 21Shares Bitcoin ETP (ABTC) resemble debt instruments, tracking crypto assets without necessitating direct ownership. Meanwhile, ETC Group Physical Bitcoin (BTCE) and CoinShares Physical Bitcoin (BITC) exemplify crypto ETCs, with their providers holding the underlying crypto assets.
In conclusion, the world of cryptocurrency is dynamic and ever-evolving. Within this landscape, Exchange-Traded Funds (ETFs) and Exchange-Traded Products (ETPs) are vital in providing access to the crypto universe. With diverse options, investors can navigate these financial instruments to harness the potential of the crypto market’s highs and lows, gaining exposure to Bitcoin, Ethereum, and beyond.