What are blockchain ETFs?
A blockchain is a shared digital record of transactions. It is the technology behind bitcoin and other cryptocurrencies. Blockchain ETFs don't hold coins. They own shares of companies tied to that world. The most common are bitcoin miners and data-center operators: Hut 8, Applied Digital, TeraWulf, Cipher Digital and Core Scientific are each held by four of the eight funds. The crypto exchange Coinbase, Circle (which issues a crypto token tied to the US dollar), Riot Platforms, Bitmine Immersion, Galaxy Digital, AMD and IBM each appear in three.
BKCH, DAPP, IBLC and LEGR track indexes, which are rule-based lists of stocks. BLOK and BCDF aim for total return or long-term growth without naming one. BKCH is concentrated, with 70.11% of assets in its 10 largest holdings and 12.56% in Iren. LEGR spreads across 105 stocks led by the chipmakers Intel, AMD and Micron, with 23.57% in its top 10. BCDF leans on stock exchanges such as Singapore Exchange and Cboe Global Markets.
BITS and ARKD use special structures. None of the eight is leveraged or inverse (built to magnify or reverse daily moves). BITS holds about 47% of its assets in BKCH and adds bitcoin futures, which are contracts tied to bitcoin's future price, plus a Treasury bill fund. ARKD's name points to blockchain, but its stated objective is capital appreciation with some downside protection. It holds the ARK Innovation ETF (96.06% of assets) and uses options as a buffer against losses, which usually caps gains.
Expense ratios, the yearly fee taken from fund assets, run from 0.47% for IBLC to 0.89% for ARKD, with a median of 0.65%. The money is concentrated: BLOK, BKCH, DAPP, LEGR and IBLC hold 97.9% of the group's roughly $2.16 billion. BLOK alone has about $1.16 billion.
Blockchain ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 8 biggest blockchain ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Hut 8 Corp | 4 of 8 | 4.97% |
| Applied Digital Corp | 4 of 8 | 4.87% |
| Terawulf Inc | 4 of 8 | 4.46% |
| Cipher Digital Inc | 4 of 8 | 4.32% |
| Core Scientific Inc | 4 of 8 | 4.05% |
| Coinbase Global, Inc. | 3 of 8 | 9.47% |
| Circle Internet Group Inc | 3 of 8 | 6.14% |
| Riot Platforms, Inc. | 3 of 8 | 5.24% |
| Bitmine Immersion Technologies Inc | 3 of 8 | 5.21% |
| Galaxy Digital Inc | 3 of 8 | 4.01% |
| Advanced Micro Devices Inc | 3 of 8 | 3.68% |
| Ibm | 3 of 8 | 2.93% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest blockchain ETFs, side by side
Swipe the table to see all 5 funds.
| BLOK | BKCH | DAPP | LEGR | IBLC | |
|---|---|---|---|---|---|
| Net assets | $1.16B | $389.7M | $345.6M | $128.7M | $88.7M |
| Expense ratio | 0.7% | 0.5% | 0.52% | 0.65% | 0.47% |
| Holdings | 53 | 36 | 20 | 105 | 48 |
| In the 10 largest | 37.58% | 70.11% | 60.3% | 23.57% | 60.13% |
| Biggest holding | Cipher Digital Inc (3.98%) | Iren Limited (12.56%) | Block Inc (9.31%) | Intel Corp (3.86%) | Coinbase Global, Inc. (11.76%) |
| Yield | 0.9% | 2.21% | 0% | 1.84% | 6.69% |
| 1-year return | -24.6% | -49.6% | -40.0% | +12.8% | -38.1% |
| 3 years, a year | +42.9% | +38.2% | +42.4% | +25.5% | +38.3% |
| 5 years, a year | +5.1% | -10.9% | — | +10.7% | — |
| Worst drop, past year | -34.5% | -56.3% | -46.5% | -10.4% | -44.6% |
| Launched | 2018 | 2021 | 2021 | 2018 | 2022 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
BLOK vs BKCH
BLOK, from Amplify, is larger and more spread out: 53 holdings, 37.58% in its top 10 and no stock above 3.98% (Cipher Digital). BKCH, from Global X, tracks the Solactive Blockchain Index and is far more concentrated, with 70.11% in its top 10 and 12.56% in Iren. They share 15 holdings and 31.8% of assets. BKCH charges 0.50% a year, BLOK 0.70%. In the year to October 27, 2026, BLOK fell 24.6% and BKCH 49.6%, with worst drops of 34.5% and 56.3%. BLOK may suit those wanting a wider spread; BKCH, those accepting more concentration for a lower fee.
BKCH vs IBLC
BKCH and IBLC overlap heavily: 26 shared holdings make up 69.2% of their assets, so owning both adds little variety. Both track indexes. BKCH has 70.11% in its top 10, led by Iren at 12.56%. IBLC, from iShares, has 60.13%, led by Coinbase at 11.76%. IBLC is the group's cheapest fund at 0.47%, under BKCH's 0.50%, but BKCH is far bigger, with about $390 million against $89 million. In the year to October 27, 2026, IBLC fell 38.1% and BKCH 49.6%, with worst drops of 44.6% and 56.3%. IBLC may suit fee-focused investors; BKCH, those preferring a larger fund.
BLOK vs LEGR
BLOK and LEGR are the oldest funds here, both launched in January 2018, yet they share 9 holdings and 12% of assets. LEGR tracks the Indxx Blockchain Index across 105 stocks, led by the chipmakers Intel, AMD and Micron, with 23.57% in its top 10. BLOK leans toward crypto miners and finance firms such as Cipher Digital and Galaxy Digital. LEGR charges 0.65%, BLOK 0.70%. In the year to October 27, 2026, LEGR rose 12.8% while BLOK fell 24.6%. Their worst drops were 10.4% and 34.5%. LEGR may suit those wanting broad tech exposure; BLOK, those wanting closer ties to crypto.
How much do the largest blockchain ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| BKCH and DAPP | 71.9% | 16 | |
| BKCH and IBLC | 69.2% | 26 | |
| DAPP and IBLC | 61.1% | 17 | |
| BLOK and IBLC | 40.1% | 22 | |
| BLOK and DAPP | 36.8% | 15 | |
| BLOK and BKCH | 31.8% | 15 | |
| BLOK and LEGR | 12% | 9 | |
| LEGR and IBLC | 10.9% | 7 | |
| BKCH and LEGR | 0% | 0 | |
| DAPP and LEGR | 0% | 0 |
From each fund’s full holdings in its latest N-PORT report.
How have blockchain ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing blockchain ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | LEGR First Trust Indxx Innovative Transaction & Proces… | $128.7M | 0.65% | -1.4% | +11.1% | +12.8% | +25.5% |
| 2 | BLOK Amplify Transformational Data Sharing ETF | $1.16B | 0.7% | -15.2% | -4.2% | -24.6% | +42.9% |
| 3 | IBLC iShares Blockchain and Tech ETF | $88.7M | 0.47% | -21.3% | -6.5% | -38.1% | +38.3% |
| 4 | DAPP VanEck Digital Transformation ETF | $345.6M | 0.52% | -24.6% | -7.0% | -40.0% | +42.4% |
| 5 | BKCH Global X Blockchain ETF | $389.7M | 0.5% | -26.3% | -13.7% | -49.6% | +38.2% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How blockchain ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| BLOK | not yet launched | -32.4% | -55.0% |
| BKCH | not yet launched | not yet launched | -74.6% |
| DAPP | not yet launched | not yet launched | not yet launched |
| LEGR | not yet launched | -34.1% | -29.9% |
| IBLC | not yet launched | not yet launched | not yet launched |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives blockchain ETFs?
Most companies in these funds depend on crypto activity. Bitcoin miners such as Hut 8, TeraWulf and Riot Platforms are paid in newly created bitcoin, so their profits swing with bitcoin's price and with electricity costs. Some also rent out data-center capacity for other computing work. Coinbase earns more when trading picks up, which tends to happen when crypto prices rise. Circle earns interest on the reserves behind its stablecoin, so interest rates matter. Regulation can widen or narrow what these firms may do. Because many are valued on expected growth, higher rates can weigh on their shares.
Past downturns show what that has meant. In the 2022 bear market, a long slide in stock prices, BKCH fell 74.6% and BLOK 55%, against 24.5% for the S&P 500. LEGR spreads its money across chipmakers and other large tech firms. It fell 29.9%, closer to the broad market. In the 2020 COVID crash, BLOK fell 32.4% and LEGR 34.1%, in line with the S&P 500's 33.7%. None of these funds existed in the 2008 financial crisis, when the S&P 500 fell 55.2%. The split repeated in the year to October 27, 2026: LEGR rose 12.8% while BKCH fell 49.6%.
Blockchain ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | IBLC iShares Blockchain and Tech ETF | 0.47% | $47 a year | $88.7M |
| 2 | BKCH Global X Blockchain ETF | 0.5% | $50 a year | $389.7M |
| 3 | DAPP VanEck Digital Transformation ETF | 0.52% | $52 a year | $345.6M |
| 4 | LEGR First Trust Indxx Innovative Transaction & Pr… | 0.65% | $65 a year | $128.7M |
| 5 | BITS Global X Blockchain & Bitcoin Strategy ETF | 0.65% | $65 a year | $23.1M |
Ordinary funds with at least $10 million in net assets. The median ordinary blockchain ETF charges 0.65% a year; leveraged and inverse funds usually charge more.
Do blockchain ETFs pay dividends?
6 of the 8 ordinary blockchain ETFs with a page here paid distributions over the last 12 months, with a median yield of 2.21%.
| Highest yields | Yield | Net assets |
|---|---|---|
| IBLC iShares Blockchain and Tech ETF | 6.69% | $88.7M |
| BKCH Global X Blockchain ETF | 2.21% | $389.7M |
| LEGR First Trust Indxx Innovative Transaction & Pr… | 1.84% | $128.7M |
| BLOK Amplify Transformational Data Sharing ETF | 0.9% | $1.16B |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a blockchain ETF
- Fees run from 0.47% to 0.89%. IBLC (0.47%), BKCH (0.50%) and DAPP (0.52%) charge the least. BCDF (0.85%) and ARKD (0.89%) charge the most. BLOK costs 0.70%, above the 0.65% median. Fees are taken every year, whatever the fund returns.
- How much rides on a few stocks. BKCH holds 70.11% in its top 10, with 12.56% in Iren. DAPP and IBLC hold about 60%. LEGR spreads across 105 stocks, with 23.57% in its top 10. A few large bets mean bigger swings, up and down.
- Crypto stocks, chipmakers or stock exchanges. BKCH, DAPP and IBLC center on Coinbase and bitcoin miners. LEGR leans on chipmakers, including Infineon and Samsung outside the US. BCDF owns exchanges such as Singapore Exchange and Deutsche Boerse. LEGR shares no holdings with BKCH or DAPP.
- Index rules or a manager's picks. BKCH (Solactive), DAPP (MVIS), LEGR (Indxx) and IBLC track published indexes, so their holdings follow set rules. BLOK and BCDF name no index. Their goals are total return and long-term growth, which leaves more to the manager's judgment.
- Fund size and trading costs. BLOK has about $1.16 billion in assets. BITS ($23 million), BCDF ($22 million) and ARKD (about $1.4 million) are far smaller. Small funds can have wider bid-ask spreads, the gap between quoted trading prices, and are likelier to close.
- Futures and buffer versions behave differently. BITS pairs BKCH shares with bitcoin futures, contracts that are replaced as they expire, often at a cost. ARKD's stated objective describes a buffer fund: it holds the ARK Innovation ETF and uses options to cushion some losses, usually capping gains.
What are the risks of blockchain ETFs?
- Very large price swings. As of October 27, 2026, BKCH's one-year volatility (a measure of how widely prices move) was 77.1%, and it fell as much as 56.3% from a peak. DAPP (65.3%) and IBLC (58.1%) were also volatile. LEGR's figure was 15.2%.
- Heavy bets on a few crypto names. BKCH holds 70.11% of assets in its top 10, including Iren (12.56%) and Circle (11.35%). IBLC has 11.76% in Coinbase. Bad news at a single company can move these funds sharply.
- Tied to crypto prices and rules. Miners and exchanges such as Hut 8, TeraWulf and Coinbase earn more when crypto prices and trading are high, and new rules can change their business. In the 2022 bear market, BKCH lost 74.6%, against 24.5% for the S&P 500.
- Owning several adds little diversification. Many of these funds hold the same stocks. BKCH and DAPP share 71.9% of their assets, and BKCH and IBLC share 69.2%. Combining them can double up on the same risks rather than spread them.
- Small funds and complex structures. BITS ($23 million), BCDF ($22 million) and ARKD (about $1.4 million) are small, which raises the risk of closure. BITS's futures can trail bitcoin's own price. ARKD's buffer covers only a set range of losses over a set period.
List of all blockchain ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | BLOK Amplify Transformational Data Sharing ETF | $1.16B | 0.7% | 0.9% | -4.2% | -24.6% | +5.1% |
| 2 | BKCH Global X Blockchain ETF | $389.7M | 0.5% | 2.21% | -13.7% | -49.6% | -10.9% |
| 3 | DAPP VanEck Digital Transformation ETF | $345.6M | 0.52% | 0% | -7.0% | -40.0% | — |
| 4 | LEGR First Trust Indxx Innovative Transaction & Proces… | $128.7M | 0.65% | 1.84% | +11.1% | +12.8% | +10.7% |
| 5 | IBLC iShares Blockchain and Tech ETF | $88.7M | 0.47% | 6.69% | -6.5% | -38.1% | — |
| 6 | BITS Global X Blockchain & Bitcoin Strategy ETF | $23.1M | 0.65% | 24.26% | -6.2% | -36.4% | — |
| 7 | BCDF Horizon Kinetics Blockchain Development ETF | $21.6M | 0.85% | 2.29% | +10.3% | +6.3% | — |
| 8 | ARKD ARK 21Shares Blockchain and Digital Economy Innov… | $1.4M | 0.89% | 0% | -65.0% | -65.0% | — |
Questions investors ask about blockchain ETFs
What is the largest blockchain ETF?
BLOK, the Amplify Transformational Data Sharing ETF, is the largest. It has about $1.16 billion in net assets out of roughly $2.16 billion across all eight funds. It holds 53 stocks, and each of its five largest positions (Cipher Digital, Figure Technology Solutions, Galaxy Digital, TeraWulf and Hut 8) sits near 4%. Next in size are Global X's BKCH, with about $390 million, and VanEck's DAPP, with about $346 million.
What is the cheapest blockchain ETF?
IBLC, the iShares Blockchain and Tech ETF, costs the least at 0.47% a year. BKCH (0.50%) and DAPP (0.52%) are close behind. LEGR and BITS charge 0.65%, the group's median, and ARKD is the most expensive at 0.89%. A low fee doesn't make a fund calmer: IBLC still fell 38.1% in the year to October 27, 2026.
BLOK vs BKCH: what's the difference?
BLOK is bigger and more spread out; BKCH is cheaper and more concentrated. BLOK holds 53 stocks with 37.58% in its top 10 and names no index. BKCH tracks the Solactive Blockchain Index, with 70.11% in its top 10 and 12.56% in Iren. BKCH charges 0.50% a year against BLOK's 0.70%, and they share 31.8% of their assets. In the year to October 27, 2026, BLOK fell 24.6% and BKCH 49.6%.
Do blockchain ETFs pay dividends?
Most do, but yields vary widely. Six of the eight funds make payouts, with a median yield of 2.21% as of October 27, 2026. IBLC's yield was 6.69%, BKCH's 2.21%, LEGR's 1.84% and BLOK's 0.9%. DAPP paid nothing. Many companies these funds own pay little or no dividend. Fund payouts like these can change a lot from year to year, so a single yield figure may not repeat.
Do blockchain ETFs own Coinbase?
Some do. Coinbase, the crypto exchange, appears in three of the eight funds and ranks among their biggest positions: 11.76% of IBLC, 9.47% of BKCH and 7.75% of DAPP. BLOK, LEGR and the remaining funds don't hold it. Coinbase's results tend to follow crypto trading activity and prices, so funds with a larger stake depend more heavily on that single company.
How many blockchain ETFs are there?
There are eight US-listed blockchain ETFs: BLOK, BKCH, DAPP, LEGR, IBLC, BITS, BCDF and ARKD. Together they hold about $2.16 billion, and the five largest account for 97.9% of that. None is leveraged or inverse. BITS mixes a stake in BKCH with bitcoin futures. ARKD's stated objective is capital appreciation with some downside protection, using a buffer built on the ARK Innovation ETF.
Is there an iShares (BlackRock) blockchain ETF?
Yes. IBLC, the iShares Blockchain and Tech ETF, launched in April 2022. iShares is BlackRock's ETF brand. IBLC tracks an index of US and non-US companies involved in blockchain and crypto technologies. Its 0.47% expense ratio is the lowest in the group. Its roughly $89 million in assets is less than BLOK, BKCH, DAPP or LEGR hold. Its largest holdings are Coinbase (11.76%), Iren, Hut 8, Circle and AMD.
Can I invest in blockchain without owning bitcoin?
Yes. These ETFs mostly own company shares, not cryptocurrency. BKCH, DAPP and IBLC hold Coinbase and bitcoin miners. LEGR leans on chipmakers such as Intel, AMD and Micron, and BCDF owns stock exchanges such as Cboe Global Markets. BITS is the exception, adding bitcoin futures to its stake in BKCH. Owning the companies still ties results closely to crypto prices: BKCH fell 49.6% in the year to October 27, 2026.
Is there a Vanguard, Fidelity or Schwab blockchain ETF?
No. None of the three offers a blockchain ETF. The largest blockchain ETFs come from Amplify (BLOK), Global X (BKCH) and VanEck (DAPP), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts. For a broader fund, VGT (Vanguard Information Technology ETF) and FTEC (Fidelity MSCI Information Technology Index ETF) are covered in our technology ETF guide.
