Crypto Cage Match: Bitcoin vs. Ethereum vs. Gold
- Proposed Battleshares ETFs would create leveraged positions between popular assets.
- The products offer long-short exposure ranging between 150% and 220% of fund assets.
- The Tidal Trust filing comes as crypto prices climb and gold nears record highs.
Tidal Trust III has filed for four exchange-traded funds that would let investors bet on which asset will outperform the other, according to a Tuesday filing with the Securities and Exchange Commission. The Battleshares ETF lineup would create leveraged positions between Bitcoin, Ethereum and gold, allowing traders to capitalize on performance differences.
These ETFs represent a shift in crypto investing, moving beyond simple buy-and-hold strategies like those of the iShares Bitcoin Trust (IBIT) or the iShares Ethereum Trust (ETHA) to more advanced approaches. As digital assets gain in popularity, these products meet demand from investors looking to express strong views on the performance between Bitcoin, Ether and gold without managing complex positions themselves.
According to the filing, each fund employs a long/short strategy with leverage. The four proposed funds are the Battleshares Bitcoin vs Ether ETF, the Battleshares™ Ether vs Bitcoin ETF, the Battleshares Bitcoin vs Gold ETF and the Battleshares Gold vs Bitcoin ETF.
For example, the Bitcoin vs. Ether ETF establishes a long position in Bitcoin at approximately 150% to 220% of the fund's assets while simultaneously shorting Ether by the same amount. Conversely, the Ether vs. Bitcoin ETF takes the opposite approach with a long position in Ether and a short position in Bitcoin.
"The Fund is designed for investors who anticipate that the performance of bitcoin will exceed that of ether over the duration of their investment in the Fund," the prospectus states.
Gold & Crypto Markets Heat Up
The ETF filings come as these assets experience dramatic price moves in recent days. According to CoinMarketCap data, Ethereum has gained 24.8% over the past week and 55.1% over the past month. This upward momentum follows the Pectra upgrade, which improved scalability and staking flexibility. The upgrade helped Ethereum jump by more than 28% to over $2,400 on Friday morning.
Meanwhile, Bitcoin reclaimed the $100,000 mark on Thursday, according to CoinMarketCap, rising 5.7% over the past week to around $102,890. The cryptocurrency has climbed back into positive territory for the year after a period of volatility.
Gold has also performed well, according to Reuters data, gaining 0.8% to $3,332.88 per ounce on Friday and nearly 3% for the week. The precious metal has gained more than 27% since the start of 2025, benefiting from economic uncertainties.
