ETFs/ETPs are not the only way to express a view on crypto-related themes. Some investors prefer equities around the ecosystem, but these are not interchangeable with holding bitcoin or ethereum directly. A first bucket is treasury balance-sheet crypto companies, such as Strategy (MSTR), which is one of the biggest Bitcoin holders, and similar names such as BitMine Immersion Technologies Inc (BMNR), which holds the biggest Ethereum reserve. A second bucket is miners (e.g., MARA, CLSK, CIFR, IREN).
A third bucket is market infrastructure (e.g., COIN), which can reflect trading activity and sentiment as much as coin prices, alongside regulation and competitive dynamics. As a simple guardrail: because these are equities, they can move for reasons unrelated to coin prices, including earnings, regulation, and changes in funding conditions. Saxo also maintains a crypto and blockchain theme that tracks a basket of related companies worth monitoring. You can find it on: SaxoTraderGO, SaxoInvestor.
Options are contracts that can reshape your payoff. For most investors, it helps to start with intent rather than jargon: what outcome are you trying to create? One intent is defined-risk upside participation, where you accept that the option premium can be lost, in exchange for the possibility of capturing upside if the market rebounds. Another intent is downside protection, where you pay a premium to reduce tail risk if markets fall further.
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