World’s Largest Crypto ETP Issuer Enters US Market

Private placements, which track indices developed by Vinter, are available to accredited US investors


Source: 21Shares


key takeaways

  • Products follow firm’s launch of Australia’s first spot bitcoin and ether ETPs
  • 21Shares sought to enter the US market last year by filing to offer a spot bitcoin ETF with Ark Invest

The world’s largest issuer of crypto ETP has entered the US market with two index funds that offer diversified exposure to some of the space’s largest assets.

21Shares US Advisers has launched a Crypto Basket 10 Index Fund and a Crypto Mid-Cap Index Fund, the company said Wednesday. The private placements, which track indices developed by index provider Vinter, are available to accredited US investors. 

The Crypto Basket 10 Index Fund tracks the prices of the top 10 cryptocurrencies available on US exchanges, based on market capitalization. The Mid-Cap Index Fund, which omits exposure to bitcoin and ether, hones in on the next eight cryptoassets with the highest market caps. 

Arthur Krause, 21Shares’ vice president of product, said in a statement that the cumulative return rate of the top dozen cryptocurrencies has greatly outperformed the S&P 500, Dow Jones Industrial Average and Nasdaq Composite over long time periods. 

“Our two new index funds enable accredited investors to participate in cryptocurrencies without assuming the responsibility of managing custodial arrangements, tracking private keys and passwords, or being susceptible to hacking or security breaches.”

The Switzerland-based firm sought to enter the US market by filing last year to offer a spot bitcoin ETF with Ark Invest. The SEC has not yet approved such a product.

While the index fund launches mark 21Shares’ first time offering products in the US, the company has aggressively built out its product range globally in recent years.

21Shares has added a handful of ETPs (exchange-traded products) to its product range in Europe so far this year. It brought to market a product that gives investors exposure to layer-1 blockchains last week and is set to launch another on Wednesday, the firm revealed. Both are listed in Switzerland. 

The country also expanded its presence into Australia last week, launching the continent’s first spot bitcoin and ether ETPs.

Ophelia Snyder, co-founder and president of 21Shares, previously told Blockworks the company is focused on moving to more geographies, noting that 21Shares intends to establish a Middle Eastern foothold next month via Dubai.

“Our mission globally is to build bridges into the crypto world,” 21Shares CEO Hany Rashwan said in a statement. “The two funds launched today are pivotal building blocks for US investors eager to introduce crypto to their portfolio or are looking for ways to diversify their cryptocurrency holdings.”

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