Blockchain Equities Reemerge

I recently wrote a note focused on crypto mining ETFs, which have seen significant outperformance. But the investable universe goes beyond miners (which have recently become more of an AI play). Crypto equity ETFs also include exchanges, stablecoin issuers, digital asset banks, payment companies, software platforms, data infrastructure companies, semiconductor and AI-linked infrastructure names, and companies holding bitcoin on their balance sheets. That broader opportunity is significant because the crypto story itself has broadened beyond bitcoin prices to stablecoins, tokenization, institutional custody, onchain payments, and corporate treasury adoption. Many of these broader blockchain ETFs have recently outperformed spot bitcoin ETFs.

Besides crypto miners, a few key stocks stand out in the crypto equity space. (COIN) remains one of the most important pure-play public equities in the crypto ecosystem. While it used to be largely a transaction-fee story, Coinbase has expanded across institutional custody, derivatives, stablecoins, payments, and onchain activity. In its May 7 quarterly update, the company stated that its crypto trading volume market share reached a new high. Coinbase held about 12% of global crypto assets on its platform, and Base processed 62% of global onchain stablecoin transaction volume.

(MSTR) is another example of a crypto equity, and remains the most direct corporate bitcoin treasury equity. The company held 818,669 bitcoin as of May 12, 2026, making it the largest corporate holder of bitcoin.

(CRCL), a relatively newer IPO, gives investors public equity exposure to stablecoins. Stablecoins have become one of the most commercially relevant blockchain use cases. The company’s business is tied to USDC circulation, reserve income, transaction activity, and broader payment infrastructure.

(GLXY) is also a broader crypto infrastructure company, with exposure across digital asset trading, asset management, investment banking, treasury activities, and data center infrastructure. While its 1Q results were hurt by weaker digital asset prices, the company made progress on several future initiatives. The company delivered the first data hall to CoreWeave at the Helios data center campus and received ERCOT approval for additional power capacity.

Blockchain and crypto equity ETFs invest in publicly traded companies connected to the digital asset ecosystem. Many of these funds may also hold an allocation to Bitcoin or another cryptocurrency through a spot ETF. Several blockchain ETFs are listed in the table below. I dive into a few of them in more detail:

The (BLOK A) is one of the oldest and best-known blockchain equity ETFs, with an inception date in January 2018. Its main differentiator is active management. Rather than simply tracking a rules-based crypto equity index, BLOK uses portfolio manager discretion to adjust exposure based on industry trends, regulation, and emerging technologies. The fund invests in companies involved in the development and utilization of blockchain technologies. Its recent top holdings show a broad mix that includes Hut 8 Corp (HUT), Cipher Digital (CIFR), Galaxy Digital (GLXY), and other blockchain-linked companies. According to Amplify’s website, its largest industry allocation is blockchain-based payment and transaction platforms at around 31%, followed by data centers at 20%.

The (DAPP A) is a more concentrated indexed approach to digital asset equities. It tracks the MVIS Global Digital Assets Equity Index, which is designed to capture companies participating in the digital asset economy. Its portfolio includes companies such as Iris Energy Ltd. (IREN), Block (XYZ), and several digital infrastructure and mining-related names. VanEck also has the actively managed (NODE ), its newer actively managed crypto equity strategy, launched in May 2025. The fund invests in companies and spot crypto ETFs tied to the “onchain economy,” including blockchain infrastructure, digital asset services, and digital asset exposure. This is a broader and more flexible mandate than DAPP. The (HODL ) is its largest holding, giving it some direct digital asset ETF exposure alongside crypto-related equities.

The (BITQ A-) is positioned as a pure-play crypto equity ETF. Its index is designed to hold companies leading the crypto economy, and Bitwise notes that at least 85% of the index is allocated to pure-play crypto companies at each quarterly rebalance. That makes BITQ one of the more direct equity representations of the crypto industry. The fund’s top holdings include Circle Internet Group (CRCL), Strategy, and Coinbase, which highlights how the portfolio has broadened beyond miners into treasury and stablecoin exposure.

The (DECO ) is an actively managed ETF sub-advised by Galaxy Digital Capital Management. It targets companies that may benefit from adoption of blockchain and cryptocurrency industries, while also allowing cryptocurrency exposure through ETFs and futures. The (HECO C+) is similar to DECO, but the key difference is its option overlay hedge strategy, which is designed to help manage volatility and downside risk. That gives HECO a more risk-managed profile for investors who want crypto equity upside but are uncomfortable with the full volatility of the category. The (TEKX ) is the broadest of the State Street Galaxy lineup. It is not a pure crypto ETF. Instead, it invests in companies across the value chain supporting disruptive technologies, including blockchain and artificial intelligence. That makes it more of a “digital infrastructure and transformative technology” fund than a direct crypto equity fund.

The (SATO B+) invests in cryptocurrency mining, blockchain technology, crypto trading and custody, and other digital asset infrastructure, while also allocating a portion to crypto ETPs and trusts. The ETP and trust portion is allocated 15% at each rebalance. For investors, that hybrid structure can be attractive, because it offers exposure to both the companies supporting the crypto ecosystem and the underlying digital asset market itself.

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VettaFi LLC (“VettaFi”) is the index provider for BLOK, for which it receives an index licensing fee. However, BLOK is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of BLOK.

VettaFi LLC (“VettaFi”) is the index administrator and calculation agent for SATO, for which it receives a fee. However, SATO is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of SATO.