CRYP ETF - A Tactical Bet On Hot Crypto Stocks
πππBitcoin set a new all time high for the 2nd time last week, climbing to USD 70,136 after US jobs data raised expectations of rate cuts in the coming month. Markets analysts said that this is due to the introduction of Spot Bitcoin ETFs and investor optimism regarding the US economic outlook.
$BetaShares Crypto Innovators ETF(CRYP.AU)$ aims to track the performance of an index that provides exposure to global companies at the forefront of the dynamic crypto economy. CRYP ETF provides the "picks and shovels" exposure to the companies building crypto mining equipment, crypto trading venues and other key services that are responsible for the extraordinary growth of Crypto economy.
The Top 10 holdings include $MicroStrategy(MSTR)$ $Coinbase Global, Inc.(COIN)$
MicroStrategy is a US companies that provides business intelligence, mobile software and cloud based services. It has been buying Bitcoin and now owns about 193,000 Bitcoins worth USD 11 billion. Just last week, MicroStrategy gained 18.9% in 5 trading days. It is now up 108% year todate and a whopping 538% in 2023.
Coinbase is the largest US Exchange for Cryptocurrencies. It is also a custodian for Blackrock's Spot Bitcoin ETF $iShares Bitcoin Trust(IBIT)$ . IBIT is the current leader of Spot Bitcoin ETF with Assets Under Management that is now over USD 13 billion. Coinbase's share price has also risen rather spectacularly. It is up 17.8% last week and 63% year todate. In 2023, Coinbase has skyrocketed by 333%.
Marathon Digital is a Crypto Miner and has also benefited from the Bitcoin Rally. Even though its shares are down 15% last week, it is still up 2.4% year todate. In 2023, Marathon Digital was up 250%.
CRYP has also benefited from the Bitcoin rally. It has gone from a low of just AUD 1.8 last year to AUD 4.81, an increase of 149%.
The management fee is 0.67%. The fund manager Betashares said that it intends to pay distributions annually. CRYP is the first crypto related ETF to be trading on the ASX and has grown to AUD 140 million in Assets Under Management. CRYP started trading on 2 November 2021.
I like CRYP ETF as it is low cost, well diversified and is a great tactical bet on the current Bitcoin rally. As of this morning, CRYP is now trading at AUD 5.10, a 6% jump since last Friday. I believe that CRYP ETF will continue to grow exponentially with the Bitcoin Halving Event in April and the much anticipated interest rate cuts this year.
At the current price of AUD 5.10 per share, CRYP ETF gives me the maximum bang for my hard earned dollars to get into the hot Bitcoin rally.
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