CoinShares, FTX Team Up To Launch Solana ETP

The alliance aims to further bridge the gap between traditional finance and digital assets

article-image

Blockworks Exclusive Art by axel rangel

share

key takeaways

  • Solana’s focus on financial services applications makes the blockchain “very appealing for TradFi allocators,” according to CoinShares CEO Jean-Marie Mognetti
  • The exchange-traded product is designed to share staking rewards of 3% per year

Crypto exchange FTX and Europe’s largest ETP issuer are joining forces and will kick off the alliance with a Solana offering. 

The partnership’s first initiative is the launch of the CoinShares FTX Physical Staked Solana ETP (exchange-traded product), which will be listed on Germany’s main market Xetra. The product leverages Galata, CoinShares’ technology platform, as well as FTX’s institutional offerings.

Solana’s ability to timestamp transactions, as well as its speed and scalability features, makes it one of the most advanced layer-1 blockchains, CoinShares CEO Jean-Marie Mognetti said. 

“It is often referred to as the chain built by financial services-minded people for financial services applications,” he told Blockworks in an email. “Hence, it makes it very appealing for [traditional finance] allocators who can project themselves into several use cases.”

CoinShares made the deliberate choice to launch such an ETP without sacrificing “the elegance of the underlying technologies,” the CEO added. The product is designed to share staking rewards of 3% per year.

“It was out of the question to do it without being able to transfer a meaningful part of staking rewards to our clients,” Mognetti said. “We now have a way to handle the legal aspect of that whilst ensuring daily liquidity on staking processes with asymmetric unbonding periods.”

On Solana, it takes 3 epochs — or approximately 10 days — for stake to activate or deactivate, according to the blockchain’s documentation. Asymmetric unbonding means that enough staked assets should be deactivated at intervals to allow the fund to maintain sufficient liquidity for redemptions.

The announcement follows FTX’s launch of FTX Access earlier this month to initially offer advisory services, index products, trade execution, analytical tools and capital introductions for institutional investors. 

FTX noted at the time that it would also look to provide custody, derivatives, structured products and other asset management offerings.

Sam Bankman-Fried, FTX’s founder and CEO, said in a statement that CoinShares was “the obvious choice to collaborate with for institutional offerings” and that he looks forward to collaborating with the firm on future products. 

Mognetti declined to comment on potential future products and initiatives it could launch with FTX. 

Partnerships are no rarity for CoinShares. The company, which manages $3.8 million in assets, boosted its equity stake in FlowBank earlier this month. The Swiss bank will offer exposure to digital assets, as well as features such as holding, staking and lending, through CoinShares’ Galata.    

CoinShares also teamed up with Scalable Capital last year as the wealth manager added a Scalable Crypto offering — backed by CoinShares’ physically backed ETPs — to its mobile app. 

The Solana ETP marks the fourth launched by CoinShares this year, all of which have involved staking rewards. The investment firm in January launched Polkadot and Tezos products that are designed to share staking rewards of 5% and 3%, respectively, per year.

It then brought its Physical Staked Cardano ETP to the German market earlier this month.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

REPORT_Template.png

Research

The Sonic blockchain is leveraging redesigned airdrop incentives and its FeeM program to propel DeFi activity and attract institutional capital, setting the stage for ecosystem growth. Within this environment, leading protocols Shadow Exchange and Silo are poised to asymmetrically benefit due to innovative features and favorable valuations, despite facing ecosystem dependency and competitive pressures. This positions them as compelling, potentially shorter-term, investment opportunities contingent on Sonic's sustained success.

article-image

Sponsored

WalletConnect is the default for secure, scalable onchain interaction — but this isn’t a peak, it’s the launchpad

article-image

Circle’s stock is expected to price at $31 and will go public on the NYSE Thursday

article-image

Solana’s most prolific token-launch tool might be prepping a token of its own

article-image

The tentative agreement China and the US penned last month appears to be in a precarious position

article-image

Fineqia’s Matteo Greco says Circle’s targeting a valuation in line with market expectations to avoid a post-launch drop like Coinbase

article-image

The President’s son reportedly said his family may pursue legal action