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Holding cryptocurrencies in crypto wallets can be risky. But by investing in crypto through these two ETFs, that risk can be reduced slightly.
The VanEck Bitcoin ETF (HODL) and the iShares Ethereum Trust ETF (ETHA) are designed for investors seeking direct exposure to the price movements of leading cryptocurrencies without owning the tokens themselves. A comparison of their costs, performance, risk, and structure can help clarify which may appeal more to investors weighing Bitcoin versus Ethereum exposure.
Both funds have similar expense ratios and both posted declines over the past year. However, HODL’s smaller AUM may matter to investors who prioritize fund scale.
HODL was launched by VanEck on Jan. 4, 2024, and holds only Bitcoin. Six months later, BlackRock launched ETHA, which holds only Ether. Both ETFs provide direct exposure to their respective crypto assets and share high volatility.
Both Bitcoin and Ethereum posted negative returns in 2025, marking the first annual decline since 2022. The downturn served as a reminder that returns in major cryptocurrencies are not guaranteed to continue rising indefinitely, even as governments and institutional entities continue to invest in the crypto space.
Cryptocurrency also should not be viewed as a reliable hedge against the U.S. dollar, despite the impact of tariffs and geopolitical tensions on fiat currency.
Investors should remain cautious with crypto-holding funds. While investors may not need to worry about digital wallet hacks, the market’s volatility can directly affect fund performance, including HODL and ETHA.
Over the entire existence of both funds, HODL has increased nearly 40%, while ETHA has fallen 41%. However, it is still too soon to determine whether HODL will outperform ETHA over the long term. For now, the data presented suggests HODL has shown better promise, and it holds a cryptocurrency that is described as more embedded in institutional and government development than Ether.
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