ETC Group Taps Wintermute to Provide Liquidity for Crypto ETP

DA20, the crypto ETP, will be listed on German stock exchange Xetra followed by other listings throughout Europe

article-image

David Sandron/Shutterstock modified by Blockworks

share

Market making firm Wintermute will serve as the liquidity provider for ETC Group’s new crypto ETP called DA20, or the MSCI Digital Assets Select 20 ETP.  

DA20 was launched on Monday and will track the performance of the MSCI Global Digital Assets Select Top 20 Capped Index, which represents a basket of the 20 leading digital assets. Bitcoin (BTC), ether (ETH) and solana (SOL) are among the tokens tracked by the index and included in DA20. 

The new investment product will first be listed on German stock exchange Xetra, and it will be physically backed. The assets will be held by Komainu, a crypto custody solution that recently set up shop in Dubai, per the release.

DA20 is primarily being considered for institutional investors, according to Evgeny Gaevoy, CEO and co-founder of Wintermute.

“By leveraging our ability to offer competitive liquidity for high-volume crypto trades, investors will know that they are able to best take advantage of any market presented by the DA20,” Gaevoy said in a statement. “We are confident that this product will satisfy the demands of institutional investors, further bridging the gap between the crypto and traditional markets.” 

The index that DA20 tracks was developed by MSCI and ETC Group in early March. It doesn’t include stablecoins, pegged coins or privacy coins. It also doesn’t include what it deems “memecoins,” per the index’s methodology.

Additionally, MSCI said it will conduct a review every quarter to determine whether the components of the index need to be weighted differently based on the relative daily return performance in US dollars. These reviews will be announced five business days in advance, the methodology states.

Wintermute, which will be responsible for DA20 trade operations, was the victim of a $160 million breach of its DeFi services in September 2022. At the time, Blockworks reported that the firm’s CeFi operations and over-the-counter services remained clean.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 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.

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.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

Although bitcoin hitting $120k by year’s end is looking unlikely

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?