Here's why the Betashares Crypto Innovators ETF (ASX:CRYP) share price is surging 7% today

This new ASX listed crypto ETF is having a very good day…

Sebastian Bowen

Author Bio Sebastian Bowen has been a Motley Fool contributor since late 2018. Sebastian found his passion for writing and educating others about shares and all things finance after completing his studies in political, economic and social science and enjoys bringing this passion to life at the Fool. His investment philosophy is a simple one – buying high-quality companies at prices that make sense. When he’s not researching his next investment at all hours of the morning, Sebastian enjoys classic movies and likes to unwind with a good book, newspaper or record. Areas of Expertise Dividend investing ETFs Education Bachelor of Political, Economic, and Social Sciences (Government and International Relations), University of Sydney Social Media X/Twitter Favorite Investment Quote "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." – Benjamin Graham

Published November 9, 2021 1:08 pm AEDT

The S&P/ASX 200 Index (ASX: XJO) is having a rather wild day of trading so far this Tuesday. After initially exploring both negative and positive territory this morning, the ASX 200 has now turned positive again and, at the time of writing, is up by 0.02% at 7,453 points. But that's nothing compared to one ASX exchange-traded fund (ETF). That would be the BetaShares Crypto Innovators ETF (ASX: CRYP).

The BetaShares Crypto Innovators ETF has only been on the ASX boards since last week when it floated on the morning of 4 November. But it soon was the talk of the ASX town, breaking the record for trading volumes for a new managed investment within hours of its listing.

And it might well be the talk of the town again today. The Crypto Innovators ETF is currently up a sizeable 7.12% so far this Tuesday at $12.34 a unit at the time of writing.

So what's behind this huge leap upwards in valuation for this new ASX ETF?

Well, there's little doubt the news that the global cryptocurrency market has just hit US$3 trillion for the first time ever overnight is helping. This follows the flagship cryptocurrency Bitcoin (CRYPTO: BTC) hitting a new all-time high overnight as well.

a bearded man sits at his desk with hands behind his head and feet on his desk smiling widely while looking at his computer screen which has market data on it, indicating a please share price rise. — Image source: Getty Images

CRYP ETF's major holdings shoot the lights out

But let's also check out what's been happening with CRYP's major underlying holdings. As an ETF, CRYP invests in a basket of underlying shares. In this ETF's case, these shares are selected to provide "exposure to global companies at the forefront of the dynamic crypto economy".

So, according to the provider, CRYP's current top 5 holdings are as follows:

Galaxy Digital Holdings Ltd
Silvergate Capital Corp
Marathon Digital Holdings Inc
Coinbase Global Inc
Microstrategy Inc

All 5 companies are US shares (except for the Canadian Galaxy Digital) so let's see how they performed in last night's trading (our time).

Galaxy Digital shares were up 6.16% to C$42.22.

Silvergate saw a 0.94% gain to US$217.18 a share.

Marathon Digital shares were up a whopping 17.99% to US$75.30.

Coinbase put on a robust 5.01% to US$353.92 a share.

And Microstrategy was up 7.84% to US$860 a share.

So, as you can see, these top 5 holdings in CRYP had an extremely successful night of trading overnight. This would also be feeding into sentiment for this ETF today.

The BetaShares Crypto Innovators ETF charges a management fee of 0.67% per annum.

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