World’s Largest Crypto ETP Issuer Enters US Market

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

article-image

Source: 21Shares

share

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.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

hivemapper.jpeg

Research

We believe crypto market participants overlook Hivemapper’s fundamental potential due to a poor understanding of both the niche map data market and Hivemapper’s positioning relative to incumbents. Hivemapper’s token model catalyzes both a cost and product advantage via unmatched map freshness and near real-time accuracy, which is its wedge into a market characterized by stale data and high data collection costs. Its current and potential future product suite may represent one of the strongest possibilities for PMF in crypto today.

article-image

👨‍⚖️ SBF’s courtroom sequel: Plus, Coinbase’s legal loss was DeFi’s gain

article-image

Public mining companies have been acquiring sites, refreshing machine fleets and diversifying business models in preparation for the event

article-image

Exploit shows centralization can sometimes be an asset

article-image

The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to the firm’s Wednesday registration statement

article-image

The DAO first voted on enabling SAFE transfers over a year ago