Crypto Stocks
Top 10 of 20 DAPP holdings, updated
As of 12 October 2026, crypto stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. DAPP trails the S&P 500 by 13.9 points over one month and ranks #111 of 115 groups Zensei tracks. 6 of the 18 crypto stocks Zensei prices in DAPP beat the fund this month.
Where crypto stocks stand now
As of 12 October 2026, Crypto Innovators (DAPP) ranks #111 of the 115 groups Zensei tracks by one-month return against the S&P 500, among the market's weakest pockets. It is losing its lead. It built a 9.5-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 13.9 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, DAPP's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. DAPP's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via VanEck Digital Transformation ETF, whose 20 tracked holdings are led by Coinbase Global Inc, Block Inc and Bitmine Immersion Technologies Inc. Weighted by portfolio, the fund's holdings trade at roughly 60.8× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Top crypto stocks right now
The largest crypto stocks by weight in DAPP, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of DAPP
- 1Coinbase Global IncCOIN8.8%
- 2Block IncXYZ7.8%
- 3Bitmine Immersion Technologies IncBMNR6.8%
- 4Circle Internet Group IncCRCL6.4%
- 5Iren LtdIREN6.3%
Strongest this month
1-month return, holdings Zensei prices
- 1Strategy IncMSTR+16.6%
- 2Coinbase Global IncCOIN+2.9%
- 3Block IncXYZ−3.0%
- 4Bitmine Immersion Technologies IncBMNR−4.8%
- 5Circle Internet Group IncCRCL−7.4%
Crypto Stocks vs the S&P 500
Over the week to 12 October 2026, DAPP fell 8.1% while the S&P 500 rose 0.4%. DAPP and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means DAPP won that window.
Prices as of · computed from daily adjusted closes · how we measure
Crypto Innovators on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are crypto stocks expensive?
The price-to-earnings ratio of DAPP as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
DAPP holdings: the crypto stocks inside
As of 12 October 2026, 6 of the 18 crypto stocks Zensei prices in DAPP beat the fund over the past month. 2 of them beat the S&P 500. The strongest is Strategy Inc (MSTR); the weakest is Cleanspark Inc (CLSK). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | COINCoinbase Global Inc | 8.8% | +2.9% | +14.6% | +14.7 pts | Strong | Strong |
| 2 | XYZBlock Inc | 7.8% | −3.0% | −2.4% | +8.8 pts | Accelerating | Strong |
| 3 | BMNRBitmine Immersion Technologies Inc | 6.8% | −4.8% | +63.1% | +7.0 pts | Weak | Holding |
| 4 | CRCLCircle Internet Group Inc | 6.4% | −7.4% | +33.1% | |||
| 5 | IRENIren Ltd | 6.3% | −20.6% | −10.7% | |||
| 6 | MSTRStrategy Inc | 5.7% | +16.6% | +65.8% | |||
| 7 | HUTHut 8 Corp | 5.4% | −13.5% | −14.0% | |||
| 8 | RIOTRiot Platforms Inc | 4.7% | −23.3% | −18.4% | |||
| 9 | CLSKCleanspark Inc | 4.5% | −24.7% | −16.7% | |||
| 10 | MARAMara Holdings Inc | 4.4% | −21.2% | −22.6% |
All 20 DAPP holdings by weight: Coinbase Global Inc (COIN) 8.8%, Block Inc (XYZ) 7.8%, Bitmine Immersion Technologies Inc (BMNR) 6.8%, Circle Internet Group Inc (CRCL) 6.4%, Iren Ltd (IREN) 6.3%, Strategy Inc (MSTR) 5.7%, Hut 8 Corp (HUT) 5.4%, Riot Platforms Inc (RIOT) 4.7%, Cleanspark Inc (CLSK) 4.5%, Mara Holdings Inc (MARA) 4.4%, Applied Digital Corp (APLD) 4.4%, Cipher Digital Inc (CIFR) 4.4%, Galaxy Digital Inc (GLXY) 4.3%, Core Scientific Inc (CORZ) 4.3%, Terawulf Inc (WULF) 4.3%, Bitdeer Technologies Group (BTDR) 4.2%, Bullish (BLSH) 4.0%, Metaplanet Inc 3.8%, Figure Technology Solutions Inc (FIGR) 3.5%, Osl Group Ltd 2.0%.
Crypto Stocks: common questions
What are the top 3 crypto stocks?
As of 12 October 2026, the three largest crypto stocks in DAPP by fund weight are Coinbase Global Inc (COIN) (8.8%), Block Inc (XYZ) (7.8%) and Bitmine Immersion Technologies Inc (BMNR) (6.8%). Fund weight shows size inside the fund, not a recommendation.
Which crypto stocks are beating the sector?
As of 12 October 2026, 6 of the 18 crypto stocks Zensei prices in DAPP beat the fund over the past month. The strongest over the past month is Strategy Inc (MSTR). The list above shows every holding with its weight and returns.
Are crypto stocks outperforming the S&P 500?
No. As of 12 October 2026, DAPP trails the S&P 500 by 13.9 points over the past month.
Is it a good time to invest in crypto stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, crypto stocks are ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is DAPP?
DAPP is VanEck Digital Transformation ETF. Zensei uses it to measure crypto stocks against the S&P 500 (SPY).
What stocks does DAPP own?
As of 12 October 2026, the largest of the 20 positions Zensei tracks in DAPP are Coinbase Global Inc, Block Inc, Bitmine Immersion Technologies Inc, Circle Internet Group Inc, Iren Ltd. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is crypto innovators in right now?
As of 12 October 2026, crypto innovators is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·Gaining ground → losing ground
- ·First tracked: gaining ground
Related sectors
Track crypto innovators against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.