An introduction to digital assets
How it all started
The 2008 financial crisis gave rise to decentralized payments
For illustrative purposes only. Source: Invesco and Bitcoin blockchain data, as of 31 July 2026.
- Digital assets are perhaps most recognizable through Bitcoin. Born in the depths of the financial crisis, Bitcoin was introduced as an alternative to the traditional financial system and became the first widely adopted decentralized digital asset
- Bitcoin introduced not only the idea of digital money but also a blockchain-based system that removed reliance on institutions
- Since then, digital assets have become a vast and rapidly changing ecosystem. Where digital assets were first defined primarily by cryptocurrencies, today they have moved to every corner of finance
Evolution of the digital asset industry
From cryptocurrencies to a digital asset ecosystem
Note: FinCEN = Financial Crimes Enforcement Network; MiCA = The European Union (EU) Markets in Crypto Assets; EU. GENIUS Act = Guiding and Establishing National Innovation for US Stablecoins; ETP = Exchange-traded product. For illustrative purposes only. As of 31 July 2026.
The growing digital assets opportunity
Digital assets now represent a market worth at least $2.2 trillion
Sources: CoinGecko, CoinMarketCap, CoinShares Research estimates, Bloomberg L.P., Federal Reserve, World Gold Council, rwa.xyz; as of 31 July 2026. *USD cash in circulation. Note: Companies and digital assets are shown for illustrative purposes only, and do not necessarily represent specific holdings and should not be considered recommendations to purchase or sell a particular security.
- Digital assets have the potential to transform financial services, information sharing, payments, and storage of value
- Cryptocurrencies are currently the most salient type of digital asset, but tokenized assets, which represent ownership, rights, or value on a blockchain, are gaining traction
- Together, Bitcoin and Ethereum command the lion’s share of media attention, accounting for ~65% of the total digital assets market, which has an estimated total market cap of approximately $2.2T. We think this only scratches the surface of the digital assets story
Investment Risks
The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.
