At a glance
BITQ charges 0.85% a year, above the 0.56% average of the 8 funds most like it (the 8th cheapest of 9). It has $411.1M in assets, the 2nd largest of that group. Over the past year it returned −29.1% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +46.5% a year. At its worst it fell 73.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 28 months after the low. Its ten largest positions make up 60.9% of the fund, out of 30 in all.
The short version
Bitwise Crypto Industry Innovators ETF (BITQ) is an index fund that owns about 30 crypto-related stocks, such as Coinbase, bitcoin miners and Strategy. It does not hold bitcoin itself. It tracks the Bitwise Crypto Innovators 30 Index and charges 0.85% a year, more than the 0.56% average of similar funds. Its swings are extreme: it lost about 84% in 2022, then gained about 245% in 2023.
Price history
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BITQ -29.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BITQ official prospectus, to Dec 31, 2025 | — | +18.40% | — | — | — | -3.39% |
| BITQ price data to Oct 27, 2026 | +4.8% | -29.1% | +46.5% | -3.6% | — | -0.3% |
- Over the year to Oct 27, 2026, BITQ returned -29.1%, 2nd of 9 among similar funds.
- Its 5-year annualized return was -3.6%.
- Its worst full calendar year was 2022 (-83.9%); its best was 2023 (+246.9%).
- The deepest fall in its price history was 90.3% (Nov 9, 2021 to Dec 28, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.8% | — |
| 2025 | +18.0% | +18.40% |
| 2024 | +47.0% | +46.59% |
| 2023 | +246.9% | +245.36% |
| 2022 | -83.9% | -83.78% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 71.3% over that stretch · deepest drop along the way 73.9%, back to its old high 28.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.1500 | -16.7% |
| 2023 | $0.1800 |
What's inside
As of Jun 30, 2026, the fund held 30 securities; the ten largest made up 60.94% of assets.
| Holding | Weight | |
|---|---|---|
| COINBASE GLOBAL INC | 10.00% | |
| IREN LTD | 8.77% | |
| STRATEGY INC | 7.52% | |
| RIOT PLATFORMS INC | 5.21% | |
| MARA HOLDINGS INC | 5.18% | |
| CIPHER DIGITAL INC | 5.12% | |
| GALAXY DIGITAL INC | 5.10% | |
| TERAWULF INC | 4.83% | |
| HUT 8 CORP | 4.82% | |
| FIGURE TECHNOLOGY SOLUTIONS INC | 4.40% | |
| BITMINE IMMERSION TECHNOLOGIES INC | 3.93% | |
| CIRCLE INTERNET GROUP INC | 3.66% | |
| CLEANSPARK INC | 3.60% | |
| KEEL INFRASTRUCTURE CORP | 3.37% | |
| BITDEER TECHNOLOGIES GROUP | 2.20% |
By country
United States 78%Australia 8.77%Cayman Islands 3.92%British Virgin Islands 2.05%France 1.7%By asset type
Stocks 99.45%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $32.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +26.37%, +20.40%, -14.37%.
How it works
BITQ tracks the Bitwise Crypto Innovators 30 Index, built by Bitwise Index Services. The index sorts companies into two tiers. The first tier, "Crypto Innovators," are companies that get more than 75% of their revenue from the crypto industry or keep more than 75% of their net assets in bitcoin or ether. They make up 85% of the index at each rebalance. Tier 2 companies make up the other 15%. Each is worth at least $10 billion and either reports a dedicated crypto business or holds at least $100 million of bitcoin or ether.
Every company must pass screens for size, trading volume and free float (the share of stock the public can actually buy). The index then takes the 20 largest Crypto Innovators, weighted by market value, and the 10 largest Tier 2 companies, weighted equally. No single company can be more than 10% of the index. The index rebalances every quarter. If Crypto Innovators drop below 80% between rebalances, it rebalances early. Portfolio turnover was 56%.
The fund does not buy crypto or crypto derivatives, so it won't follow bitcoin's price exactly, even though many of its holdings rise and fall with it. The adviser, Bitwise Investment Manager, generally buys every stock in the index at its index weight. The fund is "non-diversified," which means it can put large amounts into a few companies. As of June 30, 2026, its top 10 holdings made up about 61% of assets.
What it really costs
- BITQ charges 0.85% a year, versus an average of 0.56% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BITQ | $87 | $271 | $471 | $1,049 |
In a retirement portfolio
BITQ is a narrow, very volatile bet on crypto-linked stocks that pays no income, so it fits at most as a small add-on to a broader portfolio.
BITQ launched in May 2021, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell about 74% from January 3 to June 30, 2022, and took about 28 months to climb back. Its deepest drop was about 90%, from November 2021 to December 2022, and it had not fully recovered as of October 27, 2026. Its worst calendar year, 2022, lost about 84%. Anyone who had to sell shares in a year like that would lock in a steep loss.
The fund paid no dividends in the year to October 27, 2026, so it adds no income. Its 0.85% expense ratio is above the 0.56% average of similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want shares in crypto exchanges, bitcoin miners and bitcoin-holding companies like Coinbase, IREN and Strategy, without owning crypto directly.
- Those who can keep a small position through drops like the 90% decline from November 2021 to December 2022.
- People who prefer a rules-based index with quarterly rebalancing and a 10% cap on any one company.
Look elsewhere if
- Retirees who need income: BITQ paid no dividends in the year to October 27, 2026.
- Cost-focused investors: at 0.85%, BITQ ranks 8th of 9 similar funds on cost, while Schwab Crypto Thematic ETF (STCE) charges 0.30%.
- Those who want to track bitcoin's price: BITQ holds no crypto, so its returns depend on company shares, which add business and stock-market risk.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BITQ this fund | — | 0.85% | $411.1M | -29.1% | +46.5% |
| DAPP VanEck Digital Transformation ETF | 68% | 0.51% | $345.6M | -40.0% | +42.4% |
| BKCH Global X Blockchain ETF | 62% | 0.5% | $277.7M | -49.6% | +38.2% |
| IBLC iShares Blockchain and Tech ETF | 59% | 0.47% | $88.7M | -38.1% | +38.3% |
| FDIG Fidelity Crypto Industry and Digital Paymen… | 50% | 0.4% | $263.0M | -37.2% | +33.1% |
| STCE Schwab Crypto Thematic ETF | 45% | 0.3% | $269.5M | -48.6% | +39.1% |
| WGMI CoinShares Valkyrie Bitcoin Miners ETF | 41% | 0.75% | $343.6M | -48.6% | +49.2% |
| CRPT First Trust SkyBridge Crypto Industry & Dig… | 40% | 0.85% | $110.5M | -39.6% | +38.4% |
Questions investors ask
Does BITQ own bitcoin?
No. BITQ does not buy bitcoin, other crypto or crypto derivatives, so it does not track any coin's price. Instead, it owns shares of companies tied to crypto, such as exchanges, miners and firms that hold bitcoin or ether on their balance sheets, like Strategy. Many of these stocks move with crypto prices, but they also carry business risks of their own, such as debt, management decisions and the stock market's general mood.
Does BITQ pay a dividend?
No. BITQ paid no dividends in the year to October 27, 2026, so its yield was 0%. Most of its holdings are crypto miners, exchanges and bitcoin-holding companies, which tend to reinvest cash or buy more crypto rather than pay shareholders. Any return comes from changes in the share price, which has swung sharply. That makes it a poor fit for anyone who needs regular income from their investments.
What's the difference between BITQ and DAPP?
They overlap a lot, but DAPP costs less. Based on the latest holdings reports, about 68% of the two funds' holdings are the same. VanEck Digital Transformation ETF (DAPP) charges 0.51% a year, compared with BITQ's 0.85%. As of October 27, 2026, BITQ lost 29.1% over one year, compared with 40% for DAPP. Over three years, BITQ returned 46.5% a year, compared with 42.4% for DAPP. Both swing hard with crypto prices.
What are BITQ's top holdings?
As of June 30, 2026, BITQ's largest holdings were Coinbase at about 10.0%, IREN at 8.8%, Strategy at 7.5%, Riot Platforms at 5.2% and MARA Holdings at 5.2%. The fund held 30 companies, and the top 10 made up about 61% of assets. About 78% was in US companies. The largest non-US share was Australia, at about 8.8%, mostly IREN.
What is BITQ's expense ratio?
BITQ's expense ratio is 0.85% a year, according to its prospectus filed April 30, 2026. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would be about $87 after one year, $271 after three years, $471 after five years and $1,049 after ten years. That is more than the 0.56% average of similar funds and ranks 8th of 9 on cost.