Bitcoin Fever Made Crypto ETFs 2023's Best Performers

Bitcoin Fever Made Crypto ETFs 2023's Best Performers

Valkyrie, VanEck, ProShares funds led gains that mostly came in latter part of year.

Wealth Management Editor
Reviewed by: Staff
Edited by: Ron Day

Thanks largely to a fourth-quarter surge, crypto emerged as the undisputed king of 2023 (story continues beneath chart).

TickerNameYTD PerformanceWeekly PerformanceAUM ($, mm)
WGMIValkyrie Bitcoin Miners ETF304.07%-5.75%73.31%
DAPPVanEck Digital Transformation ETF285.02%-4.84%95.13%
SATOInvesco Alerian Galaxy Crypto Economy ETF266.36%-4.48%8.44%
BITQBitwise Crypto Industry Innovators ETF246.77%-4.06%143.36%
BITSGlobal X Blockchain and Bitcoin Strategy ETF214.01%-15.19%25.38%
IBLCiShares Blockchain and Tech ETF201.57%-4.64%19.02%
CRPTFirst Trust SkyBridge Crypto Industry and Digital Economy ETF193.86%-4.31%35.81%
FDIGFidelity Crypto Industry and Digital Payments ETF166.00%-3.59%80.84%
BITOProShares Bitcoin Strategy ETF137.33%-2.30%1,700.13%
GFOFGrayscale Future of Finance ETF136.23%-7.39%7.19%

The rally beginning in early October and coinciding with the increasing odds of a spot bitcoin ETF launching early this year, put 10 crypto-related ETFs atop the 2023 performance leaderboard for non-leveraged funds. 

As the price of cryptocurrency flagship bitcoin tested the $45,000 range at year end and finished the year up more than 160%, it was a cryptocurrency mining ETF that led the pack. Even with a 73% increase in assets, the Valkyrie Bitcoin Miners ETF (WGMI) only grew to around $40 million, despite a 304% gain last year. 

Coming in at a close second, the $70 million VanEck Digital Transformation ETF (DAPP) logged a 285% gain and saw assets increase by 95% during the year. 

Similar to WGMI, DAPP tapped into the potential of the cryptocurrency and broader digitization infrastructure by offering pure-play to companies taking the lead in the digital transformation. 

Crypto Rally Drove ETFs to the Sky 

The top holding for the top two ETFs is bitcoin mining company Marathan Digital Holdings Inc., which finished the year up nearly 475%. 

One of the things the top 10 ETFs had in common was being relatively new, with each fund having been launched in 2021 or 2022. And, with the exception of the $1.6 billion ProShares Bitcoin Strategy ETF (BITO), the asset levels were low, ranging from $6.7 million to $70.5 million. 

BITO ranked ninth on the list with a 137.3% gain and a 1,700% increase in assets for the year. 

 For some perspective on the white-hot performance of these leaders, the SPDR S&P 500 ETF Trust (SPY) bounced back from an 18% decline in 2022 to gain 26.2% in 2023. 

Contact Jeff Benjamin at [email protected] and find him on X at @BenjiWriter         

Jeff Benjamin is the wealth management editor at, responsible for coverage related to the financial planning industry. This includes writing, hosting podcasts, webinars, video interviews and presenting at in-person events.

Jeff is a veteran journalist with more than 30 years’ experience covering the financial markets. He has won more than two dozen national and regional awards for his reporting. He most recently worked as a senior columnist at InvestmentNews where he wrote about investment products and strategies, as well as the broader financial planning industry. Prior to that, Jeff worked as an analyst at Cerulli Associates where he researched and wrote reports on the alternative investments industry. Jeff also worked as a money management reporter at Dow Jones Newswires, where he covered the mutual fund industry.

Based in North Carolina, Jeff is a former Marine and has a bachelor’s degree in journalism from Central Michigan University.