21Shares to stop offering 6 cryptocurrency ETPs

1 year ago 58

due to demand sources

Switzerland-based asset management firm 21Shares has announced that it will stop offering six cryptocurrency ETPs on the 17th.

21Shares Crypto Layer 1 ETP, 21Shares Crypto Layer 1 ETP, 21Shares S&P Risk Controlled Bitcoin Index ETP, 21Shares S&P Risk Controlled Ethereum Index ETP, 21Shares USD Yield ETP, 21Shares Terra Classic ETP. The first five are set to close on April 6th, and the last on June 12th.

Combined assets under management for these six products have not reached $700,000. Regarding the suspension, 21Shares explained that demand for these six products was relatively low compared to other ETPs. However, he said January was the second-best January in the company’s history.

21Shares has $1.1 billion in assets under management (as of March 15). So far, it has launched multiple altcoin-linked ETPs in Europe, including Bitcoin and Ethereum.

What is ETP

A general term for financial products such as Exchange Traded Funds (ETF), Exchange Traded Securities (ETN), Commodity Exchange Traded Trusts (ETC), etc. (Quoted from Nomura Securities)

Currently, various cryptocurrency ETPs are available for trading in Europe. Besides Bitcoin and Ethereum, Cardano (ADA), XRP (Ripple), Solana (SOL) and Polkadot (DOT) ETPs are also listed on German and Swiss stock exchanges.

Cryptocurrency Glossary