--- title: "Crypto stock funds rose this year while the bitcoin fund fell" url: "https://etf.net/news/crypto-stock-funds-rose-this-year-while-the-bitcoin-fund-fell-2026-10-07" published_at: "2026-10-07T14:58:39.684Z" updated_at: "2026-10-07T14:58:39.684Z" byline: "ETF.net Research" --- # Crypto stock funds rose this year while the bitcoin fund fell Through Tuesday, October 6, the Bitwise Crypto Industry Innovators ETF was up 27.5% for the year, while iShares Bitcoin Trust, the fund that holds bitcoin, was down 2.3%. By ETF.net Research. Published Oct 7, 2026. The funds that own crypto companies rose this year through Tuesday, and not by the same amount. The gains ran from 5.9% to 27.5%. The fund that holds bitcoin fell. Bitwise Crypto Industry Innovators ETF BITQ, which holds shares of companies that serve the crypto business rather than the coin, gained **27.5%** from the last close of 2025 through Tuesday, October 6. iShares Bitcoin Trust IBIT, which holds bitcoin, fell **2.3%**. These are share-price changes, and they do not count payouts. Eight crypto-company funds, from Bitwise, VanEck, Global X, Amplify, CoinShares, First Trust, Fidelity and Schwab, hold $3.1 billion combined. IBIT holds $68.9 billion, 22 times as much, and it is the fund that fell. ## The famous names did not carry the gain BITQ is the clearest map of the theme, because the portfolio is companies and not the coin. It normally keeps at least 80% of its money in firms that service crypto markets. It holds $448 million, charges a 0.85% fee, and the latest portfolio has 30 holdings, none of them bitcoin. Strategy is the largest, at 11.9%. In its July results, Strategy called itself the world's first bitcoin treasury company. The coin sits on the company's own books. This year the stock is up 8.3% and IBIT is down 2.3%. Over the past year, from a start near bitcoin's high, the stock fell 54.3% and the bitcoin fund fell 32.0%. Coinbase, the crypto trading company, is 10.4% of the fund and down 17.9% this year. Circle, which issues a stablecoin, a digital token meant to stay near one dollar, is 8.5% and up 6.1%. Those three positions are **30.8%** of BITQ. Take the weights they hold now and the returns they had this year, and the three add up to less than one percentage point, a loss, not a 27.5% gain. The rise came from outside those three. What sits outside them has changed since the summer. On June 30, Bitwise's own list of the fund had IREN at 8.8% and Strategy at 7.6%, with Hut 8 at 4.9% and Riot at 5.2%. Circle was not on that list. Hyperliquid Strategies was not on it either. Hut 8 is still in the fund, and that stock is up 101% this year through Tuesday. Riot, up 49%, has fallen out of the ten largest holdings. IREN, up 9.3%, is no longer in the 15 largest. Chart: **Hut 8** ran ahead of the three largest holdings Hyperliquid Strategies is 4.8% of BITQ now. The company describes itself as a treasury for HYPE, the token of the Hyperliquid blockchain, and the stock is up 251% this year. It was not on the June list, so that 251% cannot be counted as a full year inside the fund. Securitize, 4.5% of the fund now, has no price on the last day of 2025. Its price record begins June 26. This week's portfolio, multiplied by this year's returns, cannot recreate the 27.5%. Among the names Bitwise listed in June, the sharpest gain is Hut 8. ## The near twin finished behind VanEck Digital Transformation ETF DAPP also owns companies rather than the coin. It holds $413 million and charges 0.52%. It shares 12 stocks with BITQ. That is 60% of VanEck's holdings by count, and 60% of the money sits in stocks both funds own. The sizes at the top are not the same. Strategy is 5.8% of DAPP, about half its weight in BITQ. Bitmine is heavier, at 7.0% against 4.9% in BITQ. Coinbase is the largest holding, at 9.0%, and DAPP does not hold Hyperliquid Strategies. This year DAPP rose 15.2%, 12.3 percentage points behind BITQ. First Trust SkyBridge Crypto Industry and Digital Economy ETF CRPT is the concentrated end of the theme. A manager picks the stocks, and the fund also owns the coin. It generally aims to put up to 25% of its assets in bitcoin funds, and the rules allow more. Strategy is 25.3% of CRPT. Five funds that hold bitcoin, including IBIT, are another 22.4%, and the ten largest holdings are 89.1%. It holds $120 million, charges 0.85%, and rose 5.9% this year. Amplify Blockchain Technology ETF BLOK is the largest fund here, at $1.12 billion, and the one that spreads its money furthest. A manager has chosen the stocks since January 2018, and the fee is 0.70%. Robinhood, the brokerage, is the largest holding at 4.3%. The portfolio also includes Dell and IBM, the ten largest holdings are 35.2%, and the fund rose 8.9%. ## The mining fund changed what it is On Tuesday, August 18, CoinShares renamed its mining fund the CoinShares Bitcoin Mining and Digital Power ETF, WGMI. The strategy had changed on Tuesday, August 11. The fund now puts at least 80% of its money in companies it defines as bitcoin mining and digital-power firms. That group includes miners, and also data-center operators, chip firms tied to artificial-intelligence work, and power companies. The fund does not buy bitcoin. CoinShares said miners are increasingly the operators of the power and computing sites that artificial-intelligence work needs. That is the firm's reason for the wider rule. The portfolio already shows the new rule. Cipher, a mining company, is still the largest holding, at 11.7%. Nebius and CoreWeave, two computing companies the new rules allow, are 8.4% and 7.8%, together 16.2%. Nebius is up 198.5% this year through Tuesday. Only 25% of WGMI's weight overlaps BITQ. The fund holds $243 million and charges 0.75%. CoinShares said any performance before the August 11 change may have been affected by that change. Its 17.3% gain this year, and its 14.2% decline over the past year, mostly describe the miners fund the ticker used to be. ## What the year looks like Global X Blockchain ETF BKCH, which owns blockchain companies rather than the coin, holds $292 million and charges 0.50%. It rose 9.5% this year, with Coinbase at 13.5% and Strategy not on top. Every stock fund in the table rose this year and fell over the past year. The bitcoin fund fell in both periods. This year starts at the last close of 2025. The past year starts on Monday, October 6, 2025, when IBIT closed at $71.29, against a 52-week high of $71.82. Both periods end on Tuesday, October 6, and neither counts payouts. That start is why the past-year column looks so harsh. Global X reports BKCH down 17.6% on net asset value for the year through September 30. The table's -31.1% is a share-price change from a start near the peak. Holdings in the table are the latest reported portfolios, mostly as of Wednesday, October 7. BKCH holdings are as of Monday, and CRPT holdings are as of Tuesday. Returns end Tuesday. WGMI mixes the old strategy and the new one. Table: Fund, Largest holding, Top 10, Assets, This year, Past year Of the stock funds in the table, BITQ gained the most this year and lost the least over the past year. CRPT gained the least and lost the most. A fund that holds the large U.S. companies in the S&P 500, SPY, gained 14.2% this year and 16.0% over the same past year, on the same price basis. Over that past year it beat every stock fund in the table. This year BITQ, WGMI and DAPP beat it, and the other stock funds in the table did not. The fund that holds the coin lost. In BITQ, which led the stock funds, the rise sat outside Strategy, Coinbase and Circle, and the sharpest gain tied to a June holding is Hut 8, a miner. Source: etf.net, https://etf.net/news/crypto-stock-funds-rose-this-year-while-the-bitcoin-fund-fell-2026-10-07. Please cite the page URL.