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    Spot crypto ETFs (bitcoin and ether)

    Also known as Spot bitcoin ETFs, Spot ether ETFs, Crypto ETPs

    Spot crypto ETFs are exchange-traded products that hold the cryptocurrency itself. The SEC approved bitcoin funds in January 2024 and ether funds in May 2024.[1][2] By late September 2026, US spot bitcoin ETFs held about $108 billion and ether ETFs about $17.8 billion.[3][4]

    Editor reviewedStrict sourcingUpdated CryptoMarkets and tradingTech policy
    Key facts

    Spot crypto exchange-traded funds hold the cryptocurrency itself, and their shares trade on stock exchanges.[1] They value their holdings with reference indexes that combine prices from several trading platforms.[5] Figures here are dated. This page is not financial advice.

    How US approval happened

    The SEC turned down more than 20 spot bitcoin ETP filings before a federal appeals court found that it had not adequately explained its rejection of Grayscale’s proposal.[1][6] On January 10, 2024, the Commission approved several spot bitcoin products.[1] On May 23, 2024, it approved exchange rules for ether products from issuers including Grayscale, Bitwise and BlackRock.[2] These began trading on July 23, 2024.[7] In September 2025 the SEC adopted generic listing standards. Exchanges can now list qualifying spot commodity products, including crypto funds, without a separate rule filing for each.[8]

    The biggest funds

    BlackRock said its iShares funds took about 95% of flows into digital asset ETPs in 2025.[9] Its iShares Bitcoin Trust (IBIT) had about $66.3 billion in net assets on October 9, 2026, and charges a 0.25% sponsor fee.[10] Its iShares Ethereum Trust (ETHA) had about $8.69 billion.[11] Among the ether funds whose filings we checked, sponsor fees range from 0.15% to 2.5% a year; see the ether ETF comparison.[12][13]

    Flows in 2026

    Spot bitcoin ETFs were about $5.8 billion in net outflows for 2026 in mid-July. A $2.4 billion week ending September 25 turned the year’s flows positive.[14] Data providers disagree on September’s total: The Block reported about $2.65 billion and Binance Research $3.49 billion.[15] Ether ETFs drew about $1.75 billion to $1.85 billion in August and about $832 million in September.[16][17] The ether ETF flows tracker follows these week by week.

    Staking inside ETFs

    Ether can be staked to earn network rewards. In May 2025, SEC staff said certain protocol staking activities do not require registration under the Securities Act.[18] Grayscale’s two ether ETFs began staking on October 6, 2025.[19] BlackRock’s iShares Staked Ethereum Trust (ETHB) listed on March 12, 2026.[20] By June 30, 2026 it had staked 86.9% of its ether.[21] Staking funds keep part of their rewards as fees, and staked ether can be locked for a variable period.[22][23]

    Risks and limits

    These products are not registered under the Investment Company Act of 1940, so they lack some protections that apply to mutual funds and registered ETFs.[24] Their value moves with the underlying coin. IBIT’s net asset value total return for 2026 was -6.71% as of October 8, and ETHA’s was -17.33%.[10][25]

    Questions readers ask

    What is a spot crypto ETF?

    It is an exchange-traded product that holds the cryptocurrency itself, such as bitcoin or ether, and values it using a reference index built from several trading platforms.[1][5]

    When were spot bitcoin and ether ETFs approved in the US?

    The SEC approved spot bitcoin products on January 10, 2024 and the exchange rules for ether products on May 23, 2024. Ether funds began trading on July 23, 2024.[1][2][7]

    Are crypto ETFs regulated like mutual funds?

    No. Spot crypto ETFs such as the 21shares Ethereum Staking ETF are not registered under the Investment Company Act of 1940, so they lack some protections that apply to registered funds.[24]

    Do crypto ETFs earn staking rewards?

    Some ether ETFs do. Grayscale's ether funds began staking on October 6, 2025, and BlackRock launched a staked ether ETF, ETHB, in March 2026.[19][20]

    How much money is in spot bitcoin ETFs?

    About $108.4 billion in net assets as of September 25, 2026, after about $57.6 billion of cumulative net inflows, according to The Block's reading of SoSoValue data.[3]

    Sources

    Each numbered claim is a statement we checked against the sources listed with it. Status shows how well established it is.

    1. [1]

      On January 10, 2024, the SEC approved the listing and trading of several spot bitcoin exchange-traded products, after earlier disapproving more than 20 such filings and losing a court case brought by Grayscale. confirmedas of 2024-01-10

    2. [2]

      On May 23, 2024, the SEC approved exchange rule changes allowing NYSE Arca, Nasdaq and Cboe BZX to list shares of ether-based exchange-traded products, including the Grayscale Ethereum Trust, Bitwise Ethereum ETF and iShares Ethereum Trust. confirmedas of 2024-05-23

    3. [3]

      As of September 25, 2026, US spot bitcoin ETFs had cumulative net inflows of about $57.6 billion since their January 2024 launch and about $108.4 billion in net assets, per The Block's reading of SoSoValue data; the largest fund, IBIT, held about $66.3 billion on October 9. reportedas of 2026-09-25

    4. [4]

      As of late September 2026, US spot ether ETFs held about $17.7 billion to $17.8 billion in net assets, roughly 5.4% of ether's market value, against cumulative net inflows of about $13.8 billion to $13.9 billion since launch, according to SoSoValue data. confirmedas of 2026-10-01

    5. [5]

      Bitcoin ETFs value their holdings using reference indexes that combine prices from several trading platforms, weighting more liquid venues more heavily and filtering out anomalous trades. confirmedas of 2026-02-25

    6. [6]

      SEC Chair Gary Gensler said the approval followed a DC Circuit ruling that the SEC had failed to adequately explain its disapproval of Grayscale's proposed bitcoin ETP. confirmedas of 2024-01-10

    7. [7]

      US spot ether ETFs began trading on July 23, 2024, including Grayscale's converted Ethereum Trust (ETHE) and its Ethereum Mini Trust (ETH) on NYSE Arca. confirmedas of 2024-07-23

    8. [8]

      On September 17, 2025, the SEC approved generic listing standards that let exchanges list spot commodity ETPs, including digital asset funds, without filing a separate rule change for each product. confirmedas of 2025-09-17

    9. [9]

      BlackRock said its iShares funds captured about 95% of flows into digital asset ETPs in 2025; in March 2026 IBIT and ETHA were the largest bitcoin and ether ETFs, with more than $55 billion and $6.5 billion in assets. reportedas of 2026-03-12

    10. [10]

      BlackRock's iShares Bitcoin Trust ETF (IBIT) charges a 0.25% sponsor fee and had net assets of about $66.3 billion as of October 9, 2026; its NAV total return for 2026 was -6.71% as of October 8. confirmedas of 2026-10-09

    11. [11]

      BlackRock's iShares Ethereum Trust ETF (ETHA) charges a 0.25% sponsor fee and had net assets of about $8.69 billion as of October 9, 2026. confirmedas of 2026-10-09

    12. [12]

      Grayscale's Ethereum Mini Trust ETF (ticker ETH) charges a sponsor fee of 0.15% a year. confirmedas of 2026-02-25

    13. [13]

      Grayscale's Ethereum Trust ETF (ETHE), converted from an older closed trust, charges a sponsor fee of 2.5% a year. confirmedas of 2026-02-25

    14. [14]

      US spot bitcoin ETFs took in about $2.4 billion in the week ending September 25, 2026, their largest weekly inflow since October 2025, turning their 2026 net flows positive after a deficit of about $5.8 billion in mid-July. confirmedas of 2026-09-25

    15. [15]

      Spot bitcoin ETFs drew about $2.65 billion in September 2026 according to SoSoValue data reported by The Block; Binance Research put the figure at $3.49 billion. disputedas of 2026-10-02

    16. [16]

      US spot ether ETFs drew roughly $1.75 billion to $1.85 billion of net inflows in August 2026, their best month in about a year; figures differ by data provider. confirmedas of 2026-10-02

    17. [17]

      Spot ether ETFs drew about $832 million in September 2026, their second-largest monthly inflow since August 2025, including about $690 million in the week of September 21. confirmedas of 2026-10-02

    18. [18]

      In a May 29, 2025 staff statement, the SEC's Division of Corporation Finance said participants in certain protocol staking activities do not need to register those transactions under the Securities Act. confirmedas of 2025-05-29

    19. [19]

      Grayscale's Ethereum Trust ETF and Ethereum Mini Trust ETF began staking ether on October 6, 2025, the first US spot crypto ETFs from a major issuer to do so. confirmedas of 2025-10-06

    20. [20]

      BlackRock's iShares Staked Ethereum Trust ETF (ETHB) had its registration declared effective on March 11, 2026 and listed on Nasdaq on March 12, 2026. confirmedas of 2026-03-12

    21. [21]

      As of June 30, 2026, ETHB had 250,585 ether, 86.9% of its position, staked with third-party counterparties. confirmedas of 2026-06-30

    22. [22]

      For Grayscale's ether ETFs, the sponsor's staking fee, custodian fee and staking provider's share together take 6% of gross staking rewards; the trusts keep the rest. confirmedas of 2025-10-06

    23. [23]

      Grayscale's filings warn that staking can cause loss of ether and that staked ether is inaccessible for a variable period. confirmedas of 2026-02-25

    24. [24]

      Spot ether ETFs such as TETH are exchange-traded products not registered under the Investment Company Act of 1940, so they lack some protections that apply to registered funds. confirmedas of 2026-10-09

    25. [25]

      ETHA's net asset value total return for 2026 was -17.33% as of October 8, 2026. confirmedas of 2026-10-08

    Revision history (1)
    1. Page created.

    Created Oct 10, 2026. Last reviewed by an editor on Oct 10, 2026. Next scheduled review: Jan 10, 2027.

    Cite this page

    "Spot crypto ETFs (bitcoin and ether)." ContentLora, updated Oct 10, 2026. https://contentlora.com/wiki/spot-crypto-etfs

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