Crypto-Linked Funds Are Driving a Growing Agency Commissions Wallet
Published 3/16/2026 · by Clarivant Data
Funds and ETFs designed to mimic, track, or otherwise provide cryptocurrency-related returns without directly owning spot bitcoin are generating a growing and increasingly meaningful agency trading wallet.
Over the last rolling 12 months, these products generated more than $25 million in agency commissions, up from $17 million the year prior. At the same time, the number of funds and ETFs in this category with at least 12 months of operating history increased from 42 to 90, highlighting how quickly the segment is expanding.
That combination, more products and more commission dollars, points to a market that is still evolving rapidly. It also reflects continued investor demand for crypto-linked exposure delivered through traditional fund and ETF structures rather than through direct ownership of bitcoin itself.
These vehicles are generally not buying spot bitcoin itself. Instead, their portfolios are primarily built through options and futures, often tied to companies, ETFs, and funds whose performance is linked in some way to the crypto ecosystem. In addition, many of these asset managers also invest directly in stocks of companies that stand to benefit from the growth and success of the crypto industry, giving them another way to capture crypto-related upside without holding spot bitcoin. That structure can create regular trading activity and, in turn, agency commission pools that are becoming increasingly relevant to brokers serving this space.
Brokers Benefiting From the Growth
The broker landscape in this category is also taking shape. The top five agency brokers benefiting from this growth are currently StoneX Group with 22.7% market share, BofA at 18.3%, CF Global at 11.0%, Cantor Fitzgerald at 9.9%, and Marex at 8.7%.
Notably, BofA is the only bulge bracket firm among the top 10 brokers in this category, underscoring how specialized this trading wallet has become.
Top 10 agency brokers by market share for crypto-related funds.
Managers Driving the Wallet
On the asset management side, commission activity is also concentrated among a relatively small group of firms. The three largest managers in this segment are Tidal Investments at $7.5 million, Exchange Traded Concepts LLC at $6.8 million, and ProShares / ProFund Advisors at approximately $4.9 million in rolling 12-month crypto agency commissions wallet.
While some managers have posted sharp gains and others have declined year over year, the broader takeaway is that the category continues to expand and create a larger commission opportunity for the brokers active in the space.
Top 10 managers by rolling 12-month crypto agency commissions wallet, shown in millions.
Key Takeaways
Crypto-related funds and ETFs are growing quickly, with the number of products in operation for 12 months or more rising from 42 to 86 year over year.
Agency commissions paid on crypto-related trading activity exceeded $25 million over the last rolling 12 months, up from $17 million the year prior.
The broker wallet is concentrated, with StoneX Group, BofA, CF Global, Cantor Fitzgerald, and Marex currently leading the category.
For brokers, this is no longer a niche opportunity. It is a growing and increasingly defined commission pool shaped by derivatives activity, crypto-linked equity exposure, and a rising number of fund sponsors seeking to deliver crypto-related returns without direct spot bitcoin ownership.
For market participants trying to understand where agency wallet growth is emerging, crypto-linked funds that avoid direct spot bitcoin ownership are becoming a category worth watching closely.
