Cardano, Polkadot ETPs Hit Frankfurt Stock Exchange

Switzerland-based DeFi Technologies subsidiary Valour plans to offer more single-asset crypto basket, thematic ETPs

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Blockworks exclusive art by Axel Rangel

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key takeaways

  • Valour CEO says firm is “only at the beginning” of bringing crypto products to regulated exchanges
  • Launches come amid a spree of altcoin ETP launches from competing companies 21Shares and CoinShares

DeFi Technologies subsidiary Valour has introduced two more exchange-traded products (ETPs) on Frankfurt’s stock exchange, this time launching offerings focused on Cardano and Polkadot. 

The latest launches follow the exchange, the Boerse Frankfurt Zertifikate AG, giving Valour approval to list an ETP tracking the price of Solana (SOL) earlier this month.

Cardano’s native token, ADA, has a market capitalization of about $33 billion. ADA is the seventh-largest crypto coin by market cap — behind XRP and ahead of SOL.

Meanwhile, Polkadot’s (DOT) market cap sits at about $20 billion, which is 10th highest — ahead of Avalanche (AVAX) and trailing Terra (LUNA).

In addition to the Cardano, Polkadot and Solana ETPs, Valour offers a Uniswap (UNI) fund, as well as its fee-free Bitcoin Zero and Ethereum Zero products.

Valour CEO Tommy Fransson told Blockworks in an email that the firm decided to list the new products in Frankfurt following the demand it saw for its Cardano and Polkadot ETPs in the Swedish market.

The executive noted that investor utility of a particular asset is more important than its market cap when choosing to launch a single-asset product.

Valour intends to bring these products to other countries, Fransson said, including Switzerland and Austria.

“We are looking into bringing more single-asset products but also baskets, themes and indices,” the CEO explained. “We think that we are only at the beginning of the amount of crypto offerings on regulated exchanges.”

The ETP launches are the latest in a series of ETP launches outside the US focused on assets beyond bitcoin and ether.

21Shares, the world’s largest issuer of crypto ETPs, has launched products in recent weeks focused on Aave (AAVE), Chainlink (LINK), UNI, Decentraland (MANA) and FTX Token (FTT).

The company’s CEO, Hany Rashwan, previously told Blockworks that the firm is looking to have ETPs supporting what it considers to be the top 50 cryptocurrencies by the end of 2022.

CoinShares last month launched Polkadot and Tezos ETPs in Germany that are designed to share staking rewards with investors. 

Digital asset investment products saw inflows of $75 million last week, according to a CoinShares report published Monday. Recently created altcoin offerings tracking Terra, Tezos and Cosmos had inflows of $2.2 million, $900,000 and $600,000, respectively.

New York-based Grayscale published a list of 25 new digital assets it is considering investing in, including Algorand (ALGO), Axie Infinity (AXIE), Cosmos (ATOM), Fantom (FTM) and Helium (HNT). The firm had most recently added payment network Amp (AMP) to its investment mix.


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