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Crypto currency communities in the United States have been focused on the potential approval of a spot Bitcoin exchange-traded fund (ETF). During this process, some crypto-related ETF products have already begun to achieve significant gains in 2023. According to TradingView data, one of these ETF products, the VanEck Digital Transformation (DAPP) ETF, has shown an increase of approximately 207% to date.
Crypto-Focused Investment Products
Launched in April 2021, DAPP tracks the price and performance of the MVIS Global Digital Assets Equity Index, creating a revenue system based on the performance of major companies involved in the crypto asset economy during this process. VanEck’s DAPP ETF includes significant assets such as Coinbase (COIN), MicroStrategy (MSTR), and Block (SQ) in its fund. According to TradingView data, the shares of Coinbase and MicroStrategy have experienced significant growth this year, with COIN showing an annual increase of 312% and MSTR 302%.
According to data obtained by ETF data provider VettaFi, DAPP has been the best-performing blockchain-based ETF product to date in 2023, surpassing products like the Global X Blockchain ETF (BKCH) and the Bitwise Crypto Industry Innovators ETF (BITQ).
Blockchain ETF Products Make Their Mark in 2023
According to TradingView data, Global X’s BKCH product has increased by about 203% since the beginning of the year, while Bitwise’s BITQ product has yielded nearly 192% returns so far in 2023. Performance data from VettaFi significantly differs from TradingView data, with Tradingview sometimes lagging by up to 50%.
According to TradingView data, other big winners on the list of the best-performing blockchain ETF products in 2023 include the Global X Blockchain & Bitcoin Strategy ETF (BITS) and the iShares Blockchain and Tech ETF (IBLC), both of which have added more than 184% to their values since the beginning of the year, pleasing their investors.
Despite achieving great returns in 2023, some blockchain ETF products are still far from their all-time high levels. For example, the VanEck Digital Transformation ETF product is approximately 77% down from its November 2021 record of $34. On the other hand, the iShares Blockchain and Technology ETF continues to break all-time high levels, with its stock surpassing the previous highest level of $8.4 in November 2023.
