Multivariate GARCH models were employed to examine the yield and volatility spreads among Bitcoin, Ripple, and Litecoin. Among these models, the VAR (1) model was identified as the most suitable within the BEKK-GARCH framework. The analysis revealed a unidirectional yield spread from Ripple to both Bitcoin and Litecoin. Additionally, volatility shocks originating from Ripple and Litecoin were found to affect Bitcoin. Continuing the research, the hedging ratio and optimal portfolio weights for bilateral combinations were established for Bitcoin, Ripple, and Litecoin. To hedge against a $1 long position in Bitcoin, it is necessary to take a short position of $0.56 in Ripple or $0.55 in Litecoin. Conversely, to hedge the risk associated with a $1 long position in Ripple, a short position of $0.70 in Litecoin should be taken. For portfolio construction, a $1 portfolio comprising Bitcoin and Ripple should allocate $0.77 to Bitcoin and $0.23 to Ripple. If the portfolio includes Bitcoin and Litecoin, then $0.94 should be invested in Bitcoin and $0.06 in Litecoin.