ISIN IE00BMDKNW35TER %0,65Assets 477 M €
Volatility 1y %61Worst fall 1y −%48Since 2021-04-30
Themes · general research
Crypto equities and bitcoin products
Exchanges, brokers, a bitcoin treasury company, miners turning into AI data centres; bitcoin ETPs.
Can lose most
Can lose most of the money. Typical volatility %90, typical worst fall −%92; 9 of 10 companies are more than half below their high. The companies move together (correlation 0,76): owning several of them is one bet.
These track bitcoin with leverage: the miners fell 92–96 % in the 2022 crash. Since 01.07.2026 Binance has been winding down EEA services; regulated bitcoin ETPs on Xetra/LSE are the EU route (crypto ≤ 2 % of a portfolio in the BlackRock range).
Typical volatilityMedian 1-year volatility of the theme's companies (annualised daily moves).
%90
Typical worst fallMedian of each company's worst peak-to-trough fall in five years (or since listing).
−%92
Typical distance from the high
−%63
Typical 1-year return
−%52
How to hold it in the EU
US-listed ETFs have no KID and cannot be bought by EU retail investors; these UCITS lines can. One fund line spreads the single-company risk.
ISIN IE000XAGSCY5TER %0,50Assets 99 M €
Volatility 1y %71Worst fall 1y −%55Since 2022-01-21
ISIN GB00BJYDH287TER %0,15Assets 1.454 M €
Volatility 1y %40Worst fall 1y −%48Since 2019-11-28
An ETP (exchange-traded note), not a UCITS fund: issuer risk, may need a complex-product permission.
| Line | Where |
|---|---|
| WBIT Xetra · EUR | IBKR |
| BTCW London Stock Exchange · USD | IBKR |
| BTCW Euronext Amsterdam · USD | IBKR |
ISIN CH1199067674TER %0,10Assets 575 M €
Volatility 1y %41Worst fall 1y −%48Since 2022-06-29
An ETP (exchange-traded note), not a UCITS fund: issuer risk, may need a complex-product permission.
Green: available; dashed with “?”: the venue is offered, check the line in the terminal; crossed out: not available.
US theme ETFs (WGMI, BLOK) are used only to measure the theme's risk: not buyable by EU retail.
The companies
Research data of 2026-10-15; where we score the company, its live Smart Score and red flags are shown.
| Ticker | Market cap | Revenue (y/y) | P/S | Volatility 1y | Worst fall | From high | 1 year | 12 m: ×2 / −50 % | Where | Our rating |
|---|---|---|---|---|---|---|---|---|---|---|
| COIN Coinbase: crypto exchange and custody | 45,6 B$ | 6,0 B$ (−%9) | 8× | %71 | −%91 | −%59 | −%52 | %30 / %18 | Freedom24IBKR | 1/10Caution. Share count growing 3–10 % a year over three years. More in the glossary → |
| HOOD Robinhood: retail broker with crypto | 90,9 B$ | 4,9 B$ (+%38) | 18× | %71 | −%84 | −%34 | −%28 | %41 / %6 | Freedom24IBKR | 1/10 |
| MSTR Strategy: a leveraged bitcoin treasury | 55,0 B$ | 498 M$ (+%8) | 110× | %80 | −%84 | −%70 | −%55 | %46 / %27 | Freedom24IBKR | 1/10Serious warning. Share count growing more than 10 % a year over three years. More in the glossary →Serious warning. Altman Z in the distress zone and negative free cash flow. More in the glossary →+1 |
| CRCL Circle: USDC stablecoin issuer; IPO June 2025 listed 2025-06 | 20,3 B$ | 2,9 B$ (+%37) | 7× | %94 | −%81 | −%70 | −%42 | %0 / %44 | Freedom24IBKR | 1/10Caution. Share count growing more than 10 % a year over three years. More in the glossary → |
| GLXY Galaxy Digital: crypto bank and data centres | 7,0 B$ | 58,4 B$ (+%24) | n/m | %92 | −%93 | −%58 | −%57 | %39 / %14 | Freedom24IBKR | 1/10Caution. Share count growing 3–10 % a year over three years. More in the glossary → |
| IREN bitcoin miner moving to AI cloud | 12,0 B$ | 707 M$ (+%41) | 17× | %106 | −%96 | −%60 | −%52 | %45 / %12 | Freedom24IBKR | 1/10Serious warning. Share count growing more than 10 % a year over three years. More in the glossary →Caution. Negative free cash flow in at least two of the last three years. More in the glossary →+1 |
| CIFR Cipher: bitcoin miner moving to HPC hosting | 4,1 B$ | 191 M$ (+%20) | 22× | %111 | −%96 | −%66 | −%51 | %43 / %9 | Freedom24IBKR | 1/10Serious warning. Share count growing more than 10 % a year over three years. More in the glossary →Caution. Negative free cash flow in at least two of the last three years. More in the glossary →+1 |
| RIOT bitcoin miner | 5,7 B$ | 675 M$ (+%24) | 8× | %88 | −%93 | −%66 | −%30 | %19 / %13 | Freedom24IBKR | 1/10Serious warning. Share count growing more than 10 % a year over three years. More in the glossary →Serious warning. Altman Z in the distress zone and negative free cash flow. More in the glossary →+1 |
| CLSK CleanSpark: bitcoin miner | 2,4 B$ | 679 M$ (+%8) | 3× | %92 | −%92 | −%61 | −%54 | %26 / %18 | Freedom24IBKR | 1/10Serious warning. Altman Z in the distress zone and negative free cash flow. More in the glossary →Caution. Negative free cash flow in at least two of the last three years. More in the glossary →+1 |
| MARA bitcoin miner | 3,2 B$ | 804 M$ (+%1) | 4× | %85 | −%96 | −%89 | −%59 | %16 / %17 | Freedom24IBKR | 1/10Serious warning. Share count growing more than 10 % a year over three years. More in the glossary →Serious warning. Altman Z in the distress zone and negative free cash flow. More in the glossary →+2 |
Survivorship: the list is of companies known in 2026; earlier names that went bankrupt or were taken private are missing, so the “×2” share is an upper bound.
The theme as a basket
Equal weights, monthly rebalance, 08.08.2022–14.10.2026, compared with the S&P 500.
| Equal-weight basket | CAGR | Volatility 1y | Worst fall | 1 year |
|---|---|---|---|---|
| COIN MSTR HOOD GLXY | +%49 | %67 | −%57 | −%44 |
| MARA RIOT CLSK CIFR IREN | +%33 | %89 | −%75 | −%52 |
| BTC ETH SOL BNB XRP | +%38 | %57 | −%58 | −%33 |
| S&P 500 (SPY) | +%15 | %16 | −%19 | +%13 |
The window starts near the 2022 low, which flatters every basket. Past results do not predict future ones.
Base rates: how such bets usually end
Research results to keep in mind before any upside.
IPOs, 3 years%38,5 of IPOs lost more than half in 3 years; %16,1 doubled, %0,5 grew 11× or more.
Jay Ritter, IPO statistics, Table 16e (9,195 IPOs 1975–2021), 23.03.2026
SPAC mergers−%51 average 1-year return after a SPAC merger (2012–2024).
Ritter / Gahng–Ritter–Zhang, Table 15c (625 de-SPACs 2012–2024), 05.10.2026
Thematic ETFs−%30 risk-adjusted over the first 5 years of specialised (thematic) ETFs.
Lottery stocks> %1 a month: how much “lottery” stocks (the biggest one-day jumps) underperform.
Where the gains come from%4 of US stocks created all the net wealth since 1926.
Volatility drag≈ %46 a year is lost to volatility at %96 volatility: +40 % a year on average compounds to about −6 %.
standard approximation: geometric mean ≈ arithmetic mean − σ²/2 (our arithmetic)
Quantum computingAI infrastructure and chipsNuclear power and small reactorsSpaceRobotics and autonomyGenomics and biotech platforms
Source: Nasdaq historical closes 15.10.2021–14.10.2026; stockanalysis.com fundamentals 15.10.2026; justETF profiles and quotes 15.10.2026 · Research data of 2026-10-15 · Methodology and sources
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