{"url":"https://etfiq.com/research/quarterly/2026-q2-crypto/","section":"research","title":"Spot crypto ETPs against the coin they hold, 2026-Q2 | ETFIQ","description":"The median of the 41 US listed spot crypto ETPs that traded the whole of the second quarter of 2026 kept 99.4 percent of its own coin\u2019s move.","as_of":"Sep 11, 2026","structured_data":[{"@type":"Dataset","name":"ETFIQ Quarterly: spot crypto ETPs against the coin they hold, 2026-Q2","description":"The median of the 41 US listed spot crypto ETPs that traded the whole of the second quarter of 2026 kept 99.4 percent of its own coin\u2019s move.","url":"https://etfiq.com/research/quarterly/2026-q2-crypto/","dateModified":"2026-10-26","temporalCoverage":"2026-04-01/2026-06-30","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/quarterly/2026-q2-crypto.json"}],"variableMeasured":["Coin held","Coin return","Fund total return","Difference against the coin","Share of the coin\u2019s move kept"],"license":"https://etfiq.com/license/","creator":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"inLanguage":"en","creativeWorkStatus":"Published","keywords":["exchange-traded funds","ETF","Crypto ETFs","fund data","SEC filings"]},{"@type":"Report","name":"Spot crypto ETPs against the coin they hold, 2026-Q2","description":"The median of the 41 US listed spot crypto ETPs that traded the whole of the second quarter of 2026 kept 99.4 percent of its own coin\u2019s move.","url":"https://etfiq.com/research/quarterly/2026-q2-crypto/","datePublished":"2026-09-11","author":{"@id":"https://etfiq.com/#org"},"publisher":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"inLanguage":"en"},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"ETFIQ Research","item":"https://etfiq.com/research/"},{"@type":"ListItem","position":3,"name":"ETFIQ Quarterly","item":"https://etfiq.com/research/quarterly/"},{"@type":"ListItem","position":4,"name":"2026-Q2 \u00b7 Crypto","item":"https://etfiq.com/research/quarterly/2026-q2-crypto/"}]},{"@type":"WebPage","name":"Spot crypto ETPs against the coin they hold, 2026-Q2","description":"The median of the 41 US listed spot crypto ETPs that traded the whole of the second quarter of 2026 kept 99.4 percent of its own coin\u2019s move.","url":"https://etfiq.com/research/quarterly/2026-q2-crypto/","dateModified":"2026-10-26","isPartOf":{"@type":"WebSite","name":"ETFIQ","url":"https://etfiq.com"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".lede"]},"publisher":{"@id":"https://etfiq.com/#org"}}],"characters":12787,"truncated":false,"content":"ETFIQ / ETFIQ Research / ETFIQ Quarterly / 2026-Q2 \u00b7 Crypto \n \n A closed quarter, Apr 1, 2026 to Jun 30, 2026. These numbers do not change. Published Sep 11, 2026.\n Spot crypto ETPs against the coin they hold, 2026-Q2\n The median of the 41 US listed spot crypto ETPs that traded the whole of the second quarter of 2026 kept 99.4 percent of what its own coin did over the same days, and 15 of them finished behind the coin they hold.\n ETFIQ Quarterly. Free to quote with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The file every number here was computed from is published with it.\n Download the PDF Print this page \n 99.4% Median share of its coin\u2019s move that reached the holder \n +0.13 pts Median difference against its own coin \n 15 of 41 Finished behind the coin they hold \n 8 Coins covered \n\n Investor note The median of the 41 US listed spot crypto ETPs that traded the whole of the second quarter of 2026 kept 99.4 percent of what its own coin did over the same days, and 15 of them finished behind the coin they hold. ETFIQ measured every fund against the coin it holds over the same days, from Apr 1, 2026 to Jun 30, 2026. Funds measured 41 \n Median share of the coin kept 99.4% \n Behind their own coin 15 \n Quarter Apr 1, 2026 to Jun 30, 2026 \n ETFIQ, Spot crypto ETPs against the coin they hold, 2026-Q2, published Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-crypto/\n\n Copy this block \n The problem\n A spot crypto ETP holds one thing and promises one thing: to hold it. There is no daily reset, no swap, no options overlay and no index to drift from. So unlike almost every other fund on this site there is nothing to explain, and the only question worth asking is how much of what the coin did reached the person who owned the fund.\n That question is harder to answer than it sounds, for one reason that has nothing to do with the funds. A coin trades every hour of every day. A fund prices once, at four in the afternoon, on days the exchange is open. Measure both between two dates and the difference picks up whatever the coin did between the last close and midnight, in whichever direction it happened to go. That is not a cost and it is not skill, and it is why the count of funds \u201cahead of their coin\u201d is the wrong number to read first.\n What happened in the second quarter of 2026\n The median fund kept 99.4 percent of what its own coin did over the same days. 15 of the 41 finished behind the coin they hold and 26 finished ahead, and the median difference was 0.13 percentage points .\n Read the median and not the count. A fee comes out every day and a coin does not charge one, so the honest expectation for a fund holding its coin faithfully is to keep a little under all of the coin\u2019s move over a quarter, and that is what the median says happened. The funds on either side of it are mostly separated by where their coin sat at four o\u2019clock on two particular afternoons.\n Median difference against the coin held, by coin, 2026-Q2. Source: ETFIQ. Coin Funds Median difference, points \n Bitcoin 11 +0.09 \n Ether 10 +0.35 \n Solana 8 \u22121.66 \n XRP 4 +0.33 \n Dogecoin 3 \u22120.39 \n Avalanche 2 +0.67 \n Chainlink 2 \u22120.62 \n Litecoin 1 \u22122.01 \n \n Why a fund and its coin part company\n Four things, and only one of them is the fund\u2019s doing. The sponsor\u2019s fee , charged daily on the assets, which is the one cost every holder pays and the one the median above is mostly measuring. The four o\u2019clock close , described above, which moves a fund either way and averages out over enough quarters and not within one. Staking , on the chains that allow it and in the trusts whose filings say they do it, which pays the fund and can put it genuinely ahead of its coin. And the spread between a fund\u2019s price and what it holds , which on an exchange traded fund with a working creation mechanism is small and on a trust that barely trades is not.\n The last of those is worth stating plainly, because it produces the largest number on this page and it is not a tracking result.\n The widest gap in the second quarter of 2026 was OSOL , Osprey Solana Trust. Solana returned \u22129.38% over the quarter and the fund returned +0.97% , which is +10.35 pts apart. A fund that rises while the coin it holds falls is not tracking it well; it is a price moving for a reason that is not the coin.\n One of 41 funds measured over 62 trading days. Percentage points. Does staking show up?\n The filings of 17 of these 41 trusts say they stake what they hold; 20 say they do not, and the rest do not say. Line the two groups up and the staking funds come out a median of 0.61 points behind their coins while the others are 0.10 ahead , which reads as staking costing a holder money. It is not that. It is the wrong comparison, and it is worth walking through because it is the most available mistake in this category.\n Seven of the eight coins here have either every fund staking or none of them. Every Solana fund in this study stakes and every Bitcoin fund does not, so a staking median against a non-staking median is a Solana median against a Bitcoin one. Solana funds ran 1.66 points behind their coin this quarter and Bitcoin funds 0.09 ahead of theirs. That difference is what the staking comparison is actually measuring.\n The one coin that carries both is Ether : 5 staking funds at a median of +0.40 points against 1 that does not, at +0.24 . That is the only within-coin comparison this quarter allows, it is 0.16 points wide, and one quarter of it against 1 fund is not evidence of anything. It is stated because it is the whole of what the data supports.\n What ETFIQ can say is narrower and is on every fund page: a fund that is ahead of the baseline the funds which cannot stake still show is ahead for a reason, and XRP is neither proof of work nor proof of stake and can never be one of them.\n Every fund, 2026-Q2\n All 41 funds, furthest behind its own coin first. Both returns are over the same days, on the fund\u2019s own closes and the coin\u2019s. Numbers in percentage points.\n Spot crypto ETPs against the coin each holds, 2026-Q2. Source: ETFIQ. Ticker Fund Coin Sponsor The coin The fund Difference Coin Capture percentile in its set, this quarter \n QSOL Invesco Galaxy Solana ETF Solana Invesco \u22129.38 \u221211.67 \u22122.29 2.4 \n TSOL 21Shares Solana Staking ETF Solana 21Shares \u22129.38 \u221211.67 \u22122.29 2.4 \n FSOL Fidelity Solana Fund Solana Fidelity \u22129.38 \u221211.66 \u22122.28 6.1 \n LTCN Grayscale Litecoin Trust (LTC) Litecoin Grayscale \u221222.16 \u221224.17 \u22122.01 8.5 \n VSOL VanEck Solana ETF Solana VanEck \u22129.38 \u221211.13 \u22121.75 11.0 \n BSOL Bitwise Solana Staking ETF Solana Bitwise \u22129.38 \u221210.94 \u22121.56 13.4 \n SOLC Canary Marinade Solana ETF Solana Canary \u22129.38 \u221210.85 \u22121.47 15.9 \n SOEZ Franklin Solana Trust Solana Franklin \u22129.38 \u221210.84 \u22121.46 18.3 \n CLNK Bitwise Chainlink ETF Chainlink Bitwise \u221219.59 \u221220.23 \u22120.64 20.7 \n GLNK Grayscale Chainlink Trust ETF Chainlink Grayscale \u221219.59 \u221220.20 \u22120.61 23.2 \n TDOG 21Shares Dogecoin ETF Dogecoin 21Shares \u221221.93 \u221222.41 \u22120.48 25.6 \n GDOG Grayscale Dogecoin Trust ETF Dogecoin Grayscale \u221221.93 \u221222.32 \u22120.39 28.0 \n BWOW Bitwise Dogecoin ETF Dogecoin Bitwise \u221221.93 \u221222.24 \u22120.31 30.5 \n GBTC Grayscale Bitcoin Trust ETF Bitcoin Grayscale \u221214.06 \u221214.19 \u22120.13 32.9 \n OBTC Osprey Bitcoin Trust Bitcoin Osprey \u221214.06 \u221214.17 \u22120.11 35.4 \n FBTC Fidelity Wise Origin Bitcoin Fund Bitcoin Fidelity \u221214.06 \u221214.00 +0.06 37.8 \n BRRR CoinShares Bitcoin ETF Bitcoin CoinShares \u221214.06 \u221213.98 +0.08 40.2 \n ARKB Ark 21Shares Bitcoin ETF Bitcoin Ark \u221214.06 \u221213.97 +0.09 43.9 \n BTCW WisdomTree Bitcoin Fund Bitcoin WisdomTree \u221214.06 \u221213.97 +0.09 43.9 \n BTC Grayscale Bitcoin Mini Trust ETF Bitcoin Grayscale \u221214.06 \u221213.96 +0.10 47.6 \n BTCO Invesco Galaxy Bitcoin ETF Bitcoin Invesco \u221214.06 \u221213.93 +0.13 51.2 \n XRP Bitwise XRP ETF XRP Bitwise \u221222.96 \u221222.83 +0.13 51.2 \n BITB Bitwise Bitcoin ETF Bitcoin Bitwise \u221214.06 \u221213.92 +0.14 54.9 \n ETHE Grayscale Ethereum Staking ETF Ether Grayscale \u221226.66 \u221226.50 +0.16 57.3 \n HODL VanEck Bitcoin ETF Bitcoin VanEck \u221214.06 \u221213.85 +0.21 61.0 \n IBIT iShares Bitcoin Trust ETF Bitcoin iShares \u221214.06 \u221213.85 +0.21 61.0 \n ETHA iShares Ethereum Trust ETF Ether iShares \u221226.66 \u221226.42 +0.24 64.6 \n ETHV VanEck Ethereum ETF Ether VanEck \u221226.66 \u221226.38 +0.28 67.1 \n TOXR 21Shares XRP ETF XRP 21Shares \u221222.96 \u221222.64 +0.32 69.5 \n XRPZ Franklin XRP Trust XRP Franklin \u221222.96 \u221222.63 +0.33 72.0 \n ETHW Bitwise Ethereum ETF Ether Bitwise \u221226.66 \u221226.32 +0.34 75.6 \n EZET Franklin Ethereum Trust Ether Franklin \u221226.66 \u221226.32 +0.34 75.6 \n GXRP Grayscale XRP Trust ETF XRP Grayscale \u221222.96 \u221222.59 +0.37 80.5 \n TETH 21Shares Ethereum Staking ETF Ether 21Shares \u221226.66 \u221226.29 +0.37 80.5 \n ETHB iShares Staked Ethereum Trust ETF Ether iShares \u221226.66 \u221226.26 +0.40 84.1 \n FETH Fidelity Ethereum Fund Ether Fidelity \u221226.66 \u221226.24 +0.42 86.6 \n QETH Invesco Galaxy Ethereum ETF Ether Invesco \u221226.66 \u221226.21 +0.45 89.0 \n VAVX VanEck Avalanche ETF Avalanche VanEck \u221228.47 \u221227.82 +0.65 91.5 \n GAVA Grayscale Avalanche Staking ETF Avalanche Grayscale \u221228.47 \u221227.79 +0.68 93.9 \n ETH Grayscale Ethereum Staking Mini ETF Ether Grayscale \u221226.66 \u221225.96 +0.70 96.3 \n OSOL Osprey Solana Trust Solana Osprey \u22129.38 +0.97 +10.35 98.8 \n\n How this was computed\n Each fund\u2019s total return across the quarter on its own split and distribution adjusted closes, against its coin\u2019s return over the same two dates , both from Tiingo. Which coin a fund holds comes from the trust\u2019s own registration rather than from its name.\n The phrase \u201cthe same two dates\u201d is doing real work. A coin has a price every day of the quarter and a fund does not, so a fund that listed inside the quarter has a shorter window than its coin, and measuring one over the quarter and the other over what it had prints the difference between two windows as the fund\u2019s performance. A fund is in this study only if its first priced day is the quarter\u2019s first, and its coin is then measured between the fund\u2019s own first and last day.\n What was left out, and why\n A fund whose price is unchanged on more than one day in twenty is a quote rather than a trade, and its return is what somebody paid on the days anyone traded rather than what the fund did. A fund that did not have the whole quarter has no quarter, for the reason above. Both tests run before any fund is measured.\n Funds excluded and why, 2026-Q2. Source: ETFIQ. Reason Funds \n not the whole quarter 5 \n \n The thinness test reads the quarter rather than the fund\u2019s whole life, because a study of a closed quarter has to be true of that quarter, and OSOL above is why that distinction is not academic. It is marked thinly quoted on its fund page on the strength of its whole record, and inside this quarter it closed unchanged on 3 of 62 days, which is inside the one day in twenty the test allows and not by much. So its number is real for this quarter and ETFIQ is still right not to rank it against funds that trade all day.\n Where the quarter starts\n Each return here runs from the first close inside the quarter to the last, so the move on the quarter\u2019s first trading day is left out. An issuer\u2019s quarterly number starts at the prior quarter-end close, so the two can differ by that day\u2019s move, which for a leveraged or single-stock fund can be several points.\n Check it yourself\n Every number above is in the file below, fund by fund, with the excluded funds and the reason for each. The data ETFIQ computed is free to use, including commercially, with attribution to ETFIQ and a link; the terms a fund row restates are its issuer's and stay under its owner's terms.\n Data file Every fund in this study, with the exclusions https://etfiq.com/data/quarterly/2026-q2-crypto.json \n Method Method https://etfiq.com/methodology/crypto \n Open data The manifest describing every file ETFIQ publishes https://etfiq.com/data/ \n Cite this ETFIQ, Spot crypto ETPs against the coin they hold, 2026-Q2, Sep 11, 2026 https://etfiq.com/research/quarterly/2026-q2-crypto/ \n\n Where to next\n Crypto ETFs, measured to yesterday The whole quarter, all five categories Every edition \n Cite this page. ETFIQ, Spot crypto ETPs against the coin they hold, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-crypto/ Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data .\n Other forms Plain ETFIQ, Spot crypto ETPs against the coin they hold, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-crypto/ APA ETFIQ. (Sep 11, 2026). Spot crypto ETPs against the coin they hold, 2026-Q2. Retrieved from https://etfiq.com/research/quarterly/2026-q2-crypto/ Markdown [Spot crypto ETPs against the coin they hold, 2026-Q2 (ETFIQ, Sep 11, 2026)](https://etfiq.com/research/quarterly/2026-q2-crypto/)","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, Spot crypto ETPs against the coin they hold, 2026-Q2, data as of Sep 11, 2026. https://etfiq.com/research/quarterly/2026-q2-crypto/"}