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The First Trust SkyBridge Crypto ETF (CRPT) fell 9.52% in 2025 due to collapsing Bitcoin mining margins and elevated energy costs. However, the March 2025 executive order establishing a Strategic Bitcoin Reserve could reverse the fund's fortunes by treating Bitcoin as a reserve asset and potentially triggering institutional adoption. CRPT's holdings, including exchanges and infrastructure plays, could benefit from increased legitimacy and capital flows.

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