Crypto Risk Extends Beyond Dedicated Funds

The $4.5 billion Fundstrat Granny Shots US Large Cap ETF (GRNY) has Strategy and Robinhood as its top two holdings, despite not being a fund focused on crypto.

The snapshot of GRNY's portfolio on Sept. 4 showed that Strategy (MSTR), which holds Bitcoin in its treasury, was the largest holding at 3.02%, followed by Robinhood Markets (HOOD) at 2.99%. Together, they accounted for 6.01% of the portfolio.

The two companies connect GRNY's shareholders to crypto through their business operations: Strategy's large corporate Bitcoin treasury and Robinhood's trading business that includes crypto.

An equal-weight reset in the fund on Aug. 21 led to a rise in MSTR's price, which plausibly accounts for its position above the baseline.