Last Updated: October 30, 2026
Quick Answer: Crypto ETPs (Krypto-ETPs in German) are exchange-traded products that let investors get exposure to cryptocurrencies such as bitcoin and ether through a regular brokerage account, without holding the coins themselves. In the United States they are mostly spot ETFs; the largest, BlackRock’s iShares Bitcoin Trust (IBIT), reported net assets of about $65.8 billion on October 29, 2026. In Europe, crypto ETPs are usually notes or certificates, such as the CoinShares Physical Bitcoin ETP, which showed about $1.74 billion in assets on October 30, 2026.
This guide lists the largest crypto ETFs and ETPs by assets, using figures published by the issuers themselves, explains how ETFs, ETPs, ETNs and ETCs differ, and covers fees, regulation and risks.
Key Takeaways
- iShares Bitcoin Trust (IBIT) reported about $65.8 billion in net assets on October 29, 2026, about 6.5 times the $10.1 billion of Grayscale Bitcoin Trust (GBTC)
- On the ether side, iShares Ethereum Trust (ETHA) reported about $7.4 billion and Grayscale Ethereum Trust (ETHE) about $1.6 billion on the same date
- In Europe, the CoinShares Physical Bitcoin ETP (BITC) showed about $1.74 billion and the iShares Bitcoin ETP about $1.49 billion, according to the issuers
- Annual fees range from 0.15% to 2.50%, which on a $10,000 holding is $15 to $250 a year
- The US SEC approved the first spot bitcoin ETPs on January 10, 2024, spot ether ETPs on May 23, 2024, and generic listing standards for such products on September 17, 2025
What Is a Crypto ETP?
An exchange-traded product (ETP) is a security that trades on a stock exchange and tracks the price of an underlying asset. Crypto ETPs track one coin, such as bitcoin, or a basket of coins. Most large ones are “physical” or “spot” products: the issuer buys the coins and keeps them with a custodian, and each share or note represents a fixed amount of crypto minus fees.
For investors, the appeal is access through a normal broker or retirement account, with no need to manage a crypto wallet or private keys. The trade-off is fees and the fact that the holder owns a security, not the coins. Our glossary entries on exchange-traded funds (ETFs) and the bitcoin ETF explain the basics.
ETF vs ETP vs ETN vs ETC
| Type | What it is | Where common in crypto | Main extra risk |
|---|---|---|---|
| ETP | Umbrella term for any exchange-traded product | Used in both the US and Europe | Depends on the structure |
| ETF | A fund or trust that holds the assets for investors | US spot bitcoin and ether products such as IBIT and ETHA | Custody and fees |
| ETN | A debt note from an issuer that tracks an asset; it may or may not be backed by the asset | Europe and the UK, for example XBT Provider trackers | Issuer and counterparty risk |
| ETC | Exchange-traded commodity or certificate, often physically backed | Europe, physically backed bitcoin and ether products | Issuer and custody risk |
In the US, spot crypto funds are structured as trusts that hold the coins. In Europe, single coin products are usually issued as notes or certificates by special purpose companies. CoinShares, for example, says its XBT Provider trackers are certificates that carry counterparty risk, while the iShares Bitcoin ETP is issued by iShares Digital Assets AG, a Swiss company, and is physically backed by bitcoin held in cold storage.
Largest Spot Bitcoin and Ether ETFs in the US (October 2026)
| Fund (ticker) | Issuer | Net assets | Annual fee | As of |
|---|---|---|---|---|
| iShares Bitcoin Trust (IBIT) | BlackRock | About $65.8 billion | 0.25% | October 29, 2026 |
| Grayscale Bitcoin Trust (GBTC) | Grayscale | About $10.1 billion (125,247 BTC) | 1.50% | October 29, 2026 |
| iShares Ethereum Trust (ETHA) | BlackRock | About $7.4 billion | 0.25% | October 29, 2026 |
| Grayscale Ethereum Trust (ETHE) | Grayscale | About $1.6 billion (695,273 ETH) | 2.50% | October 29, 2026 |
| Fidelity Wise Origin Bitcoin Fund (FBTC) | Fidelity | Not shown on the issuer page we read | 0.25% | Fee as published |
Sources: issuer pages from iShares (IBIT and ETHA), Grayscale (GBTC and ETHE) and Fidelity. Grayscale figures are its non-GAAP assets under management.
IBIT is the largest fund on this list by far, with about 1.44 billion shares outstanding and a net asset value of about $45.71 per share on October 29, 2026. GBTC, which began in 2013 as a private trust and converted into an ETF in January 2024, still charges 1.50%, six times IBIT’s 0.25% fee. Its figures imply a bitcoin price of about $80,760 on October 29. For the latest market moves, see our bitcoin price and ethereum price pages.
On the ether side, Grayscale says about 77% of the ETH in ETHE was staked on October 29, 2026, with a net staking reward rate of about 2.0%. BlackRock runs staking through a separate fund, the iShares Staked Ethereum Trust (ETHB), rather than in ETHA.
Largest Crypto ETPs in Europe (October 2026)
| Product (ticker) | Issuer | Assets | Annual fee | Date |
|---|---|---|---|---|
| CoinShares Physical Bitcoin (BITC) | CoinShares | About $1.74 billion | 0.15% | Read October 30, 2026 (no as-of date given) |
| iShares Bitcoin ETP (USD) | iShares Digital Assets AG | About $1.49 billion | 0.15% until December 31, 2026, then 0.25% | September 30, 2026 |
| Bitcoin Tracker Euro (COINXBE) | XBT Provider (CoinShares) | About $754 million | 2.50% | Read October 30, 2026 |
| Bitcoin Tracker One, SEK (COINXBT) | XBT Provider (CoinShares) | About $718 million | 2.50% | Read October 30, 2026 |
| Ether Tracker Euro (COINETHE) | XBT Provider (CoinShares) | About $303 million | 2.50% | Read October 30, 2026 |
Sources: CoinShares ETP list and the iShares Bitcoin ETP fact sheet. The iShares figure is the series value reported in the fact sheet. Other European issuers, including 21Shares and WisdomTree, also run large crypto ETP ranges; they are not ranked here because we did not verify their figures on issuer pages for this update.
In 2023, the Bitcoin Tracker One was the largest crypto ETP in the world, with about $4.4 billion in assets, according to CoinGecko research cited in the earlier version of this article. The arrival of US spot ETFs in 2024 changed the ranking: IBIT alone is now many times larger than any European product.
Regulation: How Crypto ETPs Were Approved
United States. On January 10, 2024, the Securities and Exchange Commission approved rule changes to list 11 spot bitcoin ETPs, including IBIT, FBTC and the conversion of GBTC, in Release No. 34-99306. The then SEC chair said at the time that the agency “did not approve or endorse bitcoin.” Eight spot ether ETPs, including ETHA and ETHE, followed with an approval on May 23, 2024. On July 29, 2025, the SEC allowed in-kind creations and redemptions for crypto ETPs, and on September 17, 2025, it approved generic listing standards that let exchanges list qualifying commodity-based trust shares, including digital asset products, without a separate rule filing for each one.
United Kingdom. The Financial Conduct Authority opened retail access to crypto ETNs from October 8, 2025, as long as they trade on an FCA-approved UK investment exchange.
Europe. Crypto ETPs were trading in Europe years before the US approvals, mostly as notes or certificates. The XBT Provider trackers, listed in Stockholm, were the largest crypto ETPs in the world in 2023.
Fees and Costs
The annual fee is taken from the fund’s assets, so it reduces the amount of crypto each share represents over time. On a $10,000 holding, a 0.15% fee costs $15 a year, 0.25% costs $25, 1.50% costs $150 and 2.50% costs $250. Investors also pay broker commissions and the bid and ask spread, and may see the market price differ slightly from the net asset value.
Risks of Crypto ETPs
- Price risk. A crypto ETP falls when the coin falls; it does not reduce crypto volatility.
- Issuer and counterparty risk. Notes and certificates depend on the issuer’s ability to meet its obligations, even when they are backed by coins.
- Custody risk. Physically backed products rely on a small number of custodians to hold the coins safely.
- Fees. Higher fee products lose more of their holdings each year.
- Staking risk. Staked funds earn rewards but take on validator and lockup risks.
- Tracking and trading hours. Exchanges close at night and on weekends while crypto trades around the clock, so prices can gap at the open.
This article is for information only and is not investment advice. Before buying any ETP, read its prospectus or key information document.
Frequently Asked Questions
What are crypto ETPs?
Crypto ETPs, or exchange-traded products, are securities listed on stock exchanges that track the price of cryptocurrencies such as bitcoin or ether. Investors buy them through a regular broker instead of a crypto exchange. Most large ones hold the actual coins with a custodian. In the United States they are mainly spot ETFs, while in Europe they are usually notes or certificates.
What is the largest crypto ETF in the world?
The iShares Bitcoin Trust (IBIT), managed by BlackRock, is widely reported as the largest. It had net assets of about $65.8 billion on October 29, 2026, according to its issuer page. That is about 6.5 times the $10.1 billion reported by Grayscale Bitcoin Trust on the same day. The largest ether fund on our list is the iShares Ethereum Trust, with about $7.4 billion.
What is the difference between an ETF and an ETN?
An ETF is a fund or trust that holds assets on behalf of its investors. An ETN is a debt security issued by a company that promises to pay the return of an asset, and it may or may not be backed by that asset. With an ETN, investors take on the issuer’s credit risk in addition to the price risk of the cryptocurrency itself.
How much do crypto ETPs cost?
Annual fees for the products in this guide range from 0.15% to 2.50%. The iShares Bitcoin Trust charges 0.25%, Grayscale Bitcoin Trust 1.50%, and the CoinShares Physical Bitcoin ETP 0.15%, according to their issuers. On a $10,000 holding, that ranges from $15 to $250 a year, before broker commissions and trading spreads are added.
Are crypto ETPs safer than buying crypto directly?
They remove the need to manage private keys and use a crypto exchange, which reduces some operational risks. They do not remove price risk, and a crypto ETP can lose value as quickly as the coin it tracks. Investors also depend on the issuer and its custodian, pay ongoing fees, and can only trade during exchange hours.
Data sources: issuer pages of iShares, Grayscale and Fidelity (as of October 29, 2026); CoinShares ETP list (read October 30, 2026); iShares Bitcoin ETP fact sheet (September 30, 2026); US Securities and Exchange Commission releases of January 10, 2024, July 29, 2025 and September 17, 2025; UK Financial Conduct Authority (October 2025). 2023 ranking from CoinGecko research as cited in the earlier version of this article.
