ETP service provider 21Shares has closed five funds and pulled another from the market, a company spokesperson confirmed.
The crypto industry has been going through tough times since the Fed and other central banks started raising interest rates to fight inflation. Digital tokens, like other risky assets, lost value in a risky environment.
On top of that, the industry has been plagued by a series of crypto-specific scandals, including the collapse of once-respectable companies like the FTX exchange.
21Shares Closes Some Bitcoin and Terra Classic (LUNC) Funds
Switzerland-based 21Shares is shutting down five products: 21Shares S&P Risk Controlled Bitcoin (BTC) Index ETP, 21Shares S&P Risk Controlled Ethereum Index ETP, 21Shares DeFi 10 Infrastructure ETP (DEFII), 21Shares Crypto Layer 1 ETP, and 21Shares USD Yield ETP.
The last trading day for ETPs is April 6th. The company is also delisting the 21Shares Terra Classic ETP (LUNA), effective June 12. The total assets of the six funds are under $700,000.
Hany Rashwan co-founded 21Shares with Ophelia Snyder in 2018. The company released its first physically-backed crypto ETP during the crypto crash that year, and Rashwan has said in the past that downturns could be good times to consolidate, thrive, and innovate.
According to data compiled by Bloomberg, the company’s first fund to continue trading, 21Shares Crypto Basket Index ETP (HODL), has nearly $100 million in assets.
*Not investment advice.
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