The rapidly growing cryptocurrency industry has coincided with an increasing availability of crypto-linked ETFs.
Many new investors likely encountered cryptocurrencies during January 2024 – a period that saw the launch of several new spot Bitcoin exchange-traded funds, or ETFs.
However, the ETF industry’s involvement with crypto goes back much further. Before spot Bitcoin ETFs entered the scene, the road to their approval was marked by both important milestones and innovative alternative solutions.
A notable development was the debut of what is now the Grayscale Bitcoin Trust ETF (ticker: GBTC). Before January 2024, GBTC was actually a closed-end trust. Unlike ETFs, closed-end trusts could trade at premiums or discounts to their net asset value, or NAV, due to supply and demand imbalances.
In fact, it was Grayscale’s legal victory against the Securities and Exchange Commission over its refusal to approve GBTC’s conversion into an ETF that helped pave the way for spot Bitcoin ETFs.
Between GBTC’s initial public quotation in May 2015 and its eventual conversion to an ETF in January 2024, the ETF industry introduced stop-gap solutions.
Bitcoin futures ETFs, for example, offered synthetic exposure through derivatives, while other ETFs tracked stocks of companies involved in the crypto space, such as miners and exchanges.
Today, these older ETF structures still exist, but they’ve been joined by a new wave of innovative crypto-linked products. Beyond spot Bitcoin ETFs, investors now have access to spot Ethereum ETFs, leveraged and inverse Bitcoin ETFs, and even income-oriented Bitcoin ETFs that generate double-digit yields.
For risk-averse investors, there’s also something new on the horizon: Calamos Investments has filed for the world’s first “100% downside protected” Bitcoin ETF, which aims to hedge against losses using options strategies.
The takeaway in 2025 is clear: Whether you’re seeking growth, income or downside protection, there’s likely a crypto ETF tailored to meet your investment objectives.
“Looking back at 2016, there was only one option to directly hold Bitcoin within your retirement account,” says Chris Kline, chief operating officer and co-founder of Bitcoin IRA. “Now, there are routes to hold crypto assets in nearly every type of financial account, and the market is better for it.”
Here are seven of the best cryptocurrency ETFs to buy today:
| ETF | Expense ratio |
| Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF (ZZZ) | 1.01% |
| Amplify Transformational Data Sharing ETF (BLOK) | 0.76% |
| Blockchain & Bitcoin Strategy ETF (BITS) | 0.65% |
| iShares Bitcoin Trust ETF (IBIT) | 0.25% |
| Grayscale Bitcoin Mini Trust ETF (BTC) | 0.15% |
| Roundhill Bitcoin Covered Call Strategy ETF (YBTC) | 0.95% |
| ProShares Short Bitcoin ETF (BITI) | 1.03% |
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