Share-split context: A reverse split was recorded on Jan 26, 2026 with coefficient 0.2. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

Understanding the CoinShares Bitcoin and Ether ETF (BTF)

The CoinShares Bitcoin and Ether ETF (BTF) is a crypto-related ETF traded on the NASDAQ. This fund is designed to provide exposure to digital assets.

What this ETF is trying to do

BTF focuses on the cryptocurrency market, specifically Bitcoin and Ether. Based on its top holdings, it also includes assets like First American Treasury Obligs X. This ETF is categorized as a crypto-related fund, meaning its performance is tied to the volatile digital asset market.

What the numbers show

When looking at BTF, it is important to distinguish between price return (the change in the share price) and total return (which includes distributions).

• Year-to-Date (YTD): The price return is approximately -12.74%, while the total return is approximately -11.96%.

• One-Year: The price return shows a significant decline of approximately -75.43%. However, the one-year total return is approximately -38.65%.

• Three-Year: The price return has declined by approximately -56.12%, but the three-year total return is positive at approximately 91.52%.

It is also important to note that this ETF has a history of a reverse split. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically, but it does not increase the actual value of the investment.

Income and distribution explanation

BTF has a high distribution yield of approximately 33.52%. This represents the cash distributions paid out relative to the ETF's price. The fund usually pays distributions on a quarterly basis, with 4 payments recorded over the last 12 months.

While a high yield can provide cash income, it is not the same as total return. Investors should remember that a high distribution yield does not guarantee that the investment's value is growing.

NAV erosion explanation

The fund has a severe erosion-risk flag active. This means StockValueFinder's screening rules detected substantial price deterioration and a high erosion-risk score of 10, which is labeled as "Severe price erosion."

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion. While the market price of the shares has declined significantly, we cannot use this alone to prove that the Net Asset Value (NAV) itself has collapsed.

Pros

• Provides exposure to the cryptocurrency market through a single ticker.

• Offers a high distribution yield for those seeking cash flow.

Cons

• Shows significant share-price decline over the one-year and three-year periods.

• Carries a severe erosion-risk flag due to price trends.

• The high distribution yield is accompanied by negative price returns over the last year.

Beginner takeaway

BTF is a high-yield, crypto-related ETF that has experienced significant price declines. While the total return over three years is positive, the one-year price performance has been very low. Because of the high distribution yield and the severe erosion-risk flag, it is important to understand that receiving cash distributions does not protect against a falling share price.