In January 2024, the first spot Bitcoin ETFs appeared in the U.S.
Since then, the offering of ETFs and ETPs related to cryptocurrencies has grown significantly, both in managed assets and in the number of products available, not only in the U.S. but also in Europe via ETPs.
One of the simplest ways to gain exposure to crypto is through ETFs/ETPs, as they offer:
- Simple trading through your usual broker (no exchanges, wallets, or private keys).
- National or institutional custody with asset segregation, audits, and insurance.
- Regulatory framework and greater oversight of the vehicle you buy.
- Known total cost (TER) and visible spreads, often cheaper than buying crypto directly.
- Easier integration into diversified portfolios and easier management (rebalancing).
- Standardized reporting and taxation for traditional investors.
Not everything is an advantage; crypto purists may find these drawbacks:
- You do not own the asset on-chain (limiting use in DeFi and in some staking cases, except for specific products).
- Vehicle/custody and tracking risk exists.
- The market trades during exchange hours, while crypto is 24/7.
- You pay the ETF/ETP fee versus a potential zero cost (only if not using an exchange, uncommon for small investors).
Once the pros and cons are known, let’s review the different ways to gain exposure to the main cryptocurrencies and the blockchain ecosystem through ETFs/ETPs (most of them ETNs).
1) The “winning” Bitcoin and Ethereum ETFs in the U.S.
The arrival of spot Bitcoin ETFs in the U.S. in 2024 and Ethereum ETFs has matured in 2025 into a competitive offering with low costs. The total ETF volume in the U.S. for these two cryptos is $173.7B, 83% concentrated in Bitcoin ($145.7B) and $27.7B in Ethereum.
In Bitcoin, the big winner is iShares (BlackRock). The iShares Bitcoin Trust ETF (IBIT) leads with $82.5B, launched with a competitive TER of 0.25%, temporarily reduced to 0.12% on the first $5B of assets. It is followed by FBTC, GBTC, ARKB, and BITB.
The strong growth in Bitcoin ETFs has been driven by the sharp revaluation of this cryptocurrency in recent years, surpassing $100,000 on several occasions.
In Ethereum (Ether), iShares (ETHA) quickly surpassed $16B with the same fee strategy as its Bitcoin version. It is followed by Fidelity (FETH), Grayscale, and Bitwise, most with fee structures between 0.20–0.25%.
Crypto ETFs in the U.S. have grown rapidly, fueling expansion.
It is worth noting that European retail investors generally have restrictions on directly buying/selling U.S.-domiciled ETFs due to regulatory reasons (documentation language requirements). This limitation can be bypassed through delegated portfolio management, for example via inbestMe.
European investors may also prefer European ETFs/ETPs to avoid withholding taxes at source.
In any case, as we’ll see next, Europe has also developed options.
2) Bitcoin and Ethereum ETPs in Europe
Europe has consolidated as a complementary hub for physical ETPs in cryptocurrencies, now totaling €8.7B in AUMs.
Bitcoin leads again with €6.7B AUM, around 80% of the volume.
Standouts include:
- CoinShares Physical Bitcoin (BITC), reduced fees to 0.25%, with €1.6B AUM.
- WisdomTree Physical Bitcoin (BTCW), TER 0.15% until 12/31/2025, €1.1B AUM.
- iShares Bitcoin ETP (IB1T), TER 0.15% (temporary discount until 12/31/2025). Currently, at €0.4B AUM due to its recent launch, but expected to consolidate soon.
Ethereum totals almost €2B AUM. Leading products include 21 Shares Ethereum Staking ETP and CoinShares Physical Staked Ethereum, benefiting not only from ETH’s revaluation but also from staking yield.
3) Other crypto ETFs/ETPs
Alongside BTC and ETH ETPs, more offerings have emerged, the largest so far being XRP. There are also some interesting ones in Solana.
Additionally, diversified “baskets” combining several popular cryptos have appeared.
4) Blockchain ETFs
Indirect exposure via equities in the crypto and blockchain ecosystem is possible through ETFs in both the U.S. and Europe, such as:
- Bitwise Crypto Industry Innovators ETF
- VanEck Crypto and Blockchain Innovators
Conclusion on cryptocurrency and blockchain ETFs and ETPs
Cryptocurrency ETFs and ETPs have democratized access to crypto, offering a regulated, liquid vehicle with increasingly competitive costs. In both the U.S. and Europe, the offering has consolidated, especially in Bitcoin and Ethereum, but also with a growing range of products in other cryptos and diversified baskets.
Additionally, there are other ways to gain exposure to the crypto/blockchain environment. For further reading, you can check the article published alongside this one: Cryptocurrencies: strategic reserve, future infrastructure, or still too volatile an asset? Their role in an investment portfolio (2025).
We believe it is not strictly necessary to have exposure to crypto for most of our clients to achieve their financial goals, especially if they start investing early.
That said, we acknowledge there are more aggressive views that support allocations to the ecosystem. Back in 2017, we considered a 3% allocation as a limit; today, for a more aggressive investor profile, we even find 5% reasonable. We also recognize there are higher allocations that must be considered as the crypto/blockchain infrastructure continues to consolidate its place.
Nevertheless, it should not be forgotten that these assets remain highly volatile and must be integrated carefully within the overall financial planning of each investor.
At inbestMe, in addition to traditional indexed portfolios, it is possible to explore an Advanced portfolio, designed specifically for investors who want to incorporate exposure to alternative themes, including the crypto and blockchain ecosystem, but always within a diversified framework tailored to each client’s risk profile.
