ProShares, an exchange-traded fund (ETF) provider based in Bethesda, Md., has launched the ProShares CoinDesk 20 Crypto ETF (KRYP). This marks the debut of an ETF in the U.
S. market designed to track the performance of the CoinDesk 20 Index, a benchmark that represents 20 of the largest and most liquid cryptocurrencies. The introduction of KRYP expands ProShares’ suite of crypto funds, offering investors a new avenue for diversified exposure to the crypto asset class.
The CoinDesk 20 Index is structured to provide broad exposure to the crypto market through a market capitalization-weighted approach, subject to specific caps, and undergoes quarterly rebalancing. This methodology aims to offer diversified exposure while mitigating concentration risk in any single cryptocurrency.
Michael L. Sapir, CEO of ProShares, noted that investors are increasingly seeking beyond single-asset exposure as the cryptocurrency market matures. He stated that KRYP is the only ETF designed to offer diversified exposure to the broader crypto asset class within a single ticker, utilizing a transparent, rules-based strategy that adapts to market leadership changes over time.
David LaValle, president of CoinDesk Indices and Data, highlighted that the CoinDesk 20 was developed as a scalable, institutional-grade benchmark for the crypto asset class. He expressed enthusiasm for the partnership with ProShares in bringing this index to the U.
S. ETF market for the first time.
The CoinDesk 20 Index selects its constituents from the top 250 digital assets based on market capitalization, incorporating additional liquidity and exchange listing requirements. Excluded from the index are stablecoins, memecoins, privacy tokens, gas tokens, wrapped assets, staked assets, and pegged assets.
ProShares is recognized as one of the largest issuers of crypto funds in the U.
S., managing 13 ETFs and three ProFunds mutual funds. It is important to note that KRYP invests in swap agreements and does not directly invest in crypto assets.
ProShares has been active in the ETF market since 2006. The firm, along with its mutual fund affiliate, ProFunds, collectively manages more than $95 billion in assets as of December 31, 2025. ProShares has been a presence in strategies such as dividend growth, high income, interest rate hedged bond, crypto, and geared (leveraged and inverse) ETF investing.
