One ETF to Rule Them All: ProShares Lets You Gamble on 20 Cryptos at Once

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Finance

What to know:

  • ProShares, in a fit of financial ingenuity, has birthed KRYP, an ETF that clings to the CoinDesk 20 Index like a barnacle to a ship.
  • This fund, with the subtlety of a sledgehammer, offers a scattergun approach to 20 of the most liquid and largest cryptocurrencies, because why put all your eggs in one volatile basket?
  • The index, rules-bound and rebalanced quarterly, is as predictable as a tortoise in a race, aiming to limit the risk of any single crypto hogging the spotlight.

In a move that smells faintly of desperation and a lot like innovation, ProShares has unleashed the first U.S.-listed exchange-traded fund (ETF) designed to mirror the performance of the CoinDesk 20 Index. This, they claim, is the golden ticket for investors eager to dip their toes into the crypto pool without drowning in the deep end.

The CoinDesk 20 Crypto ETF (KRYP), with a name that sounds like a villain from a B-grade sci-fi flick, is the first of its kind to latch onto the benchmark of 20 digital assets so large and liquid they could fill an Olympic-sized pool. ProShares, in a Wednesday email that likely caused a few inboxes to groan, announced this marvel of modern finance.

The index, weighted by market capitalization and subject to caps, is rebalanced quarterly, a ritualistic dance meant to ensure no single cryptocurrency becomes the prom queen of the fund. Diversification, they say, is the name of the game, though it’s hard not to wonder if they’re just hedging their bets.

“As the cryptocurrency market has matured,” CEO Michael Sapir mused in a statement, “investors have increasingly looked beyond single-asset exposure.” KRYP, he added, is the financial equivalent of a buffet, offering access to the broader asset class through one ticker. Because who doesn’t love a good buffet, even if half the dishes are questionable?

The CoinDesk 20, in its infinite wisdom, selects assets from the top 250 by market cap, applying liquidity and exchange-listing requirements with the rigor of a librarian sorting books. Stablecoins, memecoins, privacy tokens, and various wrapped or pegged assets are left out in the cold, presumably to fend for themselves.

ProShares, never one to shy away from a good bandwagon, already boasts one of the largest suites of crypto-linked funds in the U.S., with 13 ETFs and a smattering of mutual fund products. Because if you can’t beat ‘em, join ‘em-and then create an ETF for it.

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2026-02-04 17:19