Crypto ETFs exist to meet the growing demand for exposure to cryptocurrencies – and with over US$3.9 trillion worth of assets in circulation, 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 now 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.
Among the Bitcoin ETFs, EBTC, IBTC and VBTC have each grown to between $150 million and $300 million in assets. For Ethereum, EETH is the largest with $45 million, while QETH and IETH remain smaller at under $10 million each.
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, VBTC and IBTC have the tightest spreads at 0.15%, followed closely by BTXX at 0.17%. EBTC is also reasonably liquid with spreads around 0.21%. At the other end, IETH and EETH are the widest at 0.49% and 0.47% respectively, making them more costly to trade.
| TICKER CODE | MANAGEMENT FEE | BUY/SELL SPREADS (SLIPPAGE) |
| CRYP | 0.67% | 0.30% |
| EBTC | 0.45% | 0.21% |
| EETH | 0.45% | 0.47% |
| VBTC | 0.49% | 0.15% |
| BTXX | 0.49% | 0.17% |
| QBTC | 0.45% | 0.28% |
| QETH | 0.45% | 0.31% |
| IBTC | 0.25% | 0.15% |
| IETH | 0.25% | 0.49% |
Crypto ETF liquidity
VBTC is by far the most liquid crypto ETF in Australia, trading around $2.3 million a day. CRYP is next at $1.4 million, followed by EBTC at $826,000 and EETH at $742,000. IBTC is also relatively active with $610,000 in daily trades.
The smaller funds, including QBTC, QETH, BTXX and IETH, see much lower volumes ranging from $53,000 to $264,000 per day.
This shows that Bitcoin ETFs, particularly VBTC and EBTC, currently attract the strongest liquidity, while Ethereum products have smaller but growing trading activity.
By comparison, some of the most popular global share ETFs trade up to $10 million daily.
Returns and track record
Over the past year, Bitcoin-focused ETFs have delivered the strongest returns. EBTC, VBTC and IBTC all gained around 76% to 77%, while BTXX was the standout at 95.5%. CRYP, which invests in crypto-related companies rather than the coins themselves, returned 34.7% over the same period.
Ethereum ETFs had a tougher run. EETH fell 27% over the past year to June 30, while QETH and IETH don’t yet have enough history to report.
Looking at the limited three-year data, EBTC shows the best longer-term track record with annualised gains of 78.5%, followed by CRYP at 47.4% and EETH at 35.6%.
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 | 34.7% | 47.4% |
| EBTC | 76.7% | 78.5% |
| EETH | -27.0% | 35.6% |
| VBTC | 76.5% | N/A |
| BTXX | 95.5% | N/A |
| QBTC | N/A | N/A |
| QETH | N/A | N/A |
| IBTC | 77.3% | N/A |
| IETH | N/A | 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 | 43.7% | 51.1% |
| EBTC | CryptoCompare Crypto Coin Comparison Aggregated Index (Bitcoin) | July 2017 | May 2022 | 78.9% | 80.4% |
| EETH | CryptoCompare Crypto Coin Comparison Aggregated Index (Ethereum) | July 2017 | May 2022 | -27.0% | 35.6% |
| VBTC | MarketVector Bitcoin Benchmark Rate | June 2020 | June 2024 | 81.4% | 81.5% |
| BTXX | CME CF Bitcoin Reference Rate (BRR) | N/A | July 2024 | N/A | N/A |
| QBTC | NYSE-listed Bitwise Bitcoin ETF (RBA Bank accepted Bills 90 Days) | N/A | February 2025 | 82.0% | 77.7% |
| QETH | NYSE-listed Bitwise Ethereum ETF | N/A | February 2025 | -24.2% | 33.5% |
| IBTC | CME CF Bitcoin Reference Rate, Asia-Pacific Variant | September 2023 | March 2023 | 78.0% | N/A |
| IETH | CME CF Ether-Dollar Reference Rate, Asia-Pacific Variant | September 2023 | October 2024 | N/A | 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 | $21.8 | 70.0% |
| IBIT | IShares Bitcoin Trust Registered | $87.0 | 77.7% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | $1.4 | 77.6% |
| BITO | ProShares Bitcoin Strategy ETF | $2.5 | 68.4% |
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.
Unlike established markets like gold or bonds, crypto remains immature and extremely volatile. Prices can swing sharply both up and down, and many funds are still too new to have a long performance record. That’s why position sizing is critical. Investing too much before a downturn can have lasting consequences.
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 wealth 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.
