Crypto ETFs exist to meet the growing demand for exposure to cryptocurrencies – and with over US$3.9 trillion worth of assets in circulation globally, Bitcoin and similar cryptocurrencies certainly are an asset class piquing the interest of investors.
Since late 2021, the number of exchange traded funds (ETFs) listed in Australia that track cryptocurrencies has grown. These products give investors a way to access crypto markets without wallets, private keys or exchanges.
The US Securities and Exchange Commission’s approval of Bitcoin-tracking ETFs in 2024 was a turning point. It sparked a surge in global demand for crypto ETFs, lifting both prices and trading volumes, reigniting debate on how Bitcoin and Ethereum fit within an investment portfolio.
There are currently five ETFs on the ASX in Australia available for investors to gain exposure to crypto. There are also four ETFs listed on Cboe providing exposure to Bitcoin or Ethereum.
At Stockspot, we offer two of these ETFs (EBTC and EETH) as optional portfolio themes. This gives clients regulated access to Bitcoin and Ethereum as part of a diversified strategy.
| Ticker Code | ETF Name | Exposure | Exchange |
| CRYP | BetaShares Crypto Innovators ETF | Cryptocurrency companies | ASX |
| EBTC | Global X 21Shares Bitcoin ETF | Bitcoin | Cboe Australia |
| EETH | Global X 21Shares Ethereum ETF | Ethereum | Cboe Australia |
| VBTC | VanEck Bitcoin ETF | Bitcoin | ASX |
| BTXX | DigitalX Bitcoin ETF | Bitcoin | ASX |
| QBTC | BetaShares Bitcoin ETF | Bitcoin | ASX |
| QETH | BetaShares Ethereum ETF | Ethereum | ASX |
| IBTC | Monochrome Bitcoin ETF | Bitcoin | Cboe Australia |
| IETH | Monochrome Ethereum ETF | Ethereum | Cboe Australia |
View Stockspot’s historic ETF reviews in the ETF report here.
In this article, we analyse cryptocurrency ETFs in Australia across a range of different metrics to ensure investors can make an informed choice.
We will explore:
Crypto ETFs size
CRYP launched in late 2021 and became the fastest Australian ETF to reach $100 million, hitting the mark just four days after listing. Unlike the pure crypto funds, CRYP invests in companies connected to the digital asset industry rather than holding Bitcoin or Ethereum directly.
Cash inflows into crypto ETFs slowed between Q3 and Q4 2025, with most of the ETFs compared, seeing outflows from the fund in the final quarter of 2025.
CRYP closed 2025 with FUM sitting around $182 million, down from $234 million in the prior quarter. Despite the pullback, it remains one of the largest vehicles in the local market to gain exposure to the cryptocurrency industry.
Among the Bitcoin-focused funds, VBTC continues to lead the pack with about $313 million in assets, followed by EBTC at $197 million and IBTC at $157 million. Each has declined from the previous quarter, when they stood at $367 million, $259 million and $186 million respectively. Smaller products BTXX and QBTC also eased, now managing roughly $48 million and $38 million.
Ethereum ETFs show a similar pattern. EETH remains the largest in the segment at about $60 million, down from $88 million the previous quarter. QETH has edged lower to around $30 million from $33 million, while IETH is the smallest of the group with about $6 million in funds under management, compared with $9 million a quarter earlier.
Costs and slippage
The cheapest funds on fees are IBTC and IETH, both charging 0.25%. EBTC, EETH, QBTC and QETH all sit at 0.45%, while VBTC and BTXX are slightly higher at 0.49%. CRYP is the most expensive at 0.67%.
When it comes to trading costs, EBTC has the tightest spreads at 0.17%, followed closely by VBTC and IBTC at 0.18%. At the other end, QETH has the widest spread at 0.45%, making it the most costly ETF of those compared to own and trade.
| TICKER CODE | MANAGEMENT FEE | BUY/SELL SPREADS (SLIPPAGE) |
| CRYP | 0.67% | 0.28% |
| EBTC | 0.45% | 0.17% |
| EETH | 0.45% | 0.34% |
| VBTC | 0.49% | 0.18% |
| BTXX | 0.49% | 0.28% |
| QBTC | 0.45% | 0.29% |
| QETH | 0.45% | 0.45% |
| IBTC | 0.25% | 0.18% |
| IETH | 0.25% | 0.31% |
Crypto ETF liquidity
Liquidity across Australia’s crypto ETF market continues to be concentrated in a handful of products, led comfortably by VBTC, which is now trading about $2.8 million a day.
CRYP is the second most active fund at roughly $1.4 million in average daily turnover. EBTC and EETH follow, changing hands at around $805,000 and $530,000 per day respectively.
The remaining ETFs all trade below the $600,000 mark. QBTC averages about $548,000 a day, QETH around $388,000, IBTC roughly $354,000 and BTXX close to $169,000, while IETH remains the least liquid at about $46,000.
The figures reinforce the long-standing trend that Bitcoin exposures, particularly VBTC and EBTC, tend to command the deepest trading activity, although interest across the broader suite of products remains steady.
For perspective, some of the most popular global share ETFs trade up to $10 million daily.
Returns and track record
Crypto ETF performance has shifted dramatically over the past quarter, underlining how quickly momentum can turn in digital-asset markets.
As recently as 30 September 2025, returns across the crypto ETFs were sitting between 66% and 86%. By the end of the December quarter, those one-year numbers had cooled materially, with trailing returns now into the red.
EBTC is now down about at -11.2% over the past year, with VBTC, BTXX and IBTC posting similar declines, with one year returns of -11.1%, -11.0% and -10.9% respectively. The move represents a fall of almost 100 percentage points in only a few months.
The worst one year return was seen from IETH returning -18.0% over the 12 months to 31 December 2025, while CRYP was the best performance, yet still generated negative returns of -1.6%.
The speed of the reversal highlights the volatility embedded in the asset class: large market moves late in the year have completely reshaped what rolling one-year performance looks like, turning what had been eye-catching gains in Q3 into double-digit losses by Q4.
Looking beyond the short-term turbulence, the funds with longer track records remain solidly ahead on a three-year view. CRYP has annualised gains of about 68.6%, EBTC around 73.9% and EETH 35.2%, while the newer products are yet to build comparable histories.
I explore the volatility of Bitcoin’s market movements in more detail in this article: ‘Is now the right time to invest in Bitcoin?”
| Ticker CODE | 1 Year Return | 3 Year Return (p.a.) |
| CRYP | -1.6% | 68.6% |
| EBTC | -11.2% | 73.9% |
| EETH | -17.0% | 35.2% |
| VBTC | -11.1% | N/A |
| BTXX | -11.0% | N/A |
| QBTC | N/A | N/A |
| QETH | N/A | N/A |
| IBTC | -10.9% | N/A |
| IETH | -18.0% | N/A |
Below is the ETF index performance.
| Ticker CODE | INDEX | Index Inception | ETF inception | Index 1 Year Return | Index 3 Year Return (p.a.) |
| CRYP | Bitwise Crypto Innovators Index | December 2019 | November 2021 | -6.3% | 48.6% |
| EBTC | CryptoCompare Crypto Coin Comparison Aggregated Index (Bitcoin) | July 2017 | May 2022 | -14.4% | 75.4% |
| EETH | CryptoCompare Crypto Coin Comparison Aggregated Index (Ethereum) | July 2017 | May 2022 | -18.8% | 36.4% |
| VBTC | MarketVector Bitcoin Benchmark Rate | June 2020 | June 2024 | -13.6% | 75.3% |
| BTXX | CME CF Bitcoin Reference Rate (BRR) | N/A | July 2024 | -29.8% | N/A |
| QBTC | NYSE-listed Bitwise Bitcoin ETF (RBA Bank accepted Bills 90 Days) | N/A | February 2025 | -13.4% | 75.1% |
| QETH | NYSE-listed Bitwise Ethereum ETF | N/A | February 2025 | -17.7% | 36.1% |
| IBTC | CME CF Bitcoin Reference Rate, Asia-Pacific Variant | September 2023 | March 2023 | -11.3% | N/A |
| IETH | CME CF Ether-Dollar Reference Rate, Asia-Pacific Variant | September 2023 | October 2024 | -17.5% | N/A |
The below table also explores the early figures for the US cryptocurrency ETF market, comparing the top 4 ETFs.
| CODE | ETF Name | Total Assets ($B) | Total 1 Year Return |
| GBTC | Grayscale Bitcoin Trust | $14.4 | -7.7% |
| IBIT | IShares Bitcoin Trust Registered | $67.4 | -7.1% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | $16.1 | -6.6% |
| BITO | ProShares Bitcoin Strategy ETF | $2.4 | -10.9% |
New crypto ETFs
New crypto ETFs in 2025
In November 2025 BlackRock launched the iShares Bitcoin ETF on the ASX, giving Australian investors an easy way to gain exposure to bitcoin through the sharemarket.
ASX: IBIT invests in a US-listed BlackRock vehicle (iShares Bitcoin Trust (NASDAQ: IBIT)), that holds bitcoin, so investors can buy and sell units in Australian dollars during local trading hours without needing to set up crypto wallets or use exchanges.
Conclusion
The rise of crypto ETFs reflects a broader global trend. Since the US SEC approved Bitcoin-tracking ETFs in 2024, demand has surged, with billions flowing into these products worldwide. Australia has followed the same path, with Bitcoin and Ethereum ETFs now among the most actively traded new funds on the ASX and Cboe.
For investors, the choice comes down to whether to back a pure Bitcoin ETF, an Ethereum ETF, or a broader fund like CRYP that invests in crypto-related companies. Each has a different role in a portfolio. Bitcoin has established itself as the most widely adopted digital asset, while Ethereum underpins much of the infrastructure of decentralised finance and blockchain applications. CRYP, by contrast, provides more indirect exposure by holding shares in crypto businesses.
Crypto remains a volatile growth asset, prices can swing sharply both up and down, and many funds are still too new to have a long performance record.
At Stockspot, we believe cryptocurrencies can play a role in some client portfolios, but only as a small satellite exposure. That’s why we’ve decided to offer EBTC and EETH as optional themes. They give clients simple, regulated access to Bitcoin and Ethereum in AUD, without the need for wallets or exchanges, while keeping the bulk of their investments anchored in diversified ETFs of shares, bonds and gold.
By blending these new themes with proven investments, we can help clients participate in the growth of digital assets without taking on unnecessary risk. This balance is the best way to weather volatility and stay invested for the long term.
Ensuring your investments are diversified and aligned with your risk appetite – like with the portfolios we offer at Stockspot – will best place you in the long term to weather market volatility.
