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A crypto-focused equity fund has returned 11% year-to-date, outperforming both direct bitcoin exposure and the cohort of bitcoin exchange-traded funds, even as $BTC has fallen 29% over the same period.
The divergence points to a widening performance gap between holding the underlying asset and holding shares in companies that operate around it.
Equity Wrapper, Different Risk Profile The contrast matters because most retail investors who entered the crypto space through ETF products in recent years did so expecting those vehicles to track bitcoin's upside.
The headline numbers here run in the opposite direction: the asset itself is deep in the red, while an equity-based fund that presumably holds crypto-adjacent stocks — miners, exchanges, infrastructure companies — has stayed in positive territory.
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