Digital asset trading firm 21Shares plans to close six of its cryptocurrency-related exchange-traded products. Declining interest in ETPs with total assets of less than $700,000 led to this decision, according to a report on Thursday. Five of the six products will be delisted on April 6.
21Shares is shutting down BTC and ETH indexed products
cryptocoin.com As we reported, Switzerland-based 21Shares, a provider of cryptocurrency exchange-traded products (ETP), is shutting down six of its products due to low demand. A company spokesperson confirmed the development. However, the firm recently experienced the second-highest January in net new assets since its founding in 2018.
Products in the closing block include 21Shares Crypto Layer 1 ETP (LAY1), 21Shares DeFi 10 Infrastructure ETP (DEFII), 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC), 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH), and will close after the April 6 trading day. 21Shares USD Yield ETP (USDY). The sixth product, 21Shares Terra Classic ETP (LUNA), will continue to trade until June 2. There are less than $700,000 in assets under total management of the six closings. A 21Shares spokesperson made the following statement on the subject:
This is routine/standard practice in the ETP industry. While these ETPs are in relatively low demand, we are seeing continued strong demand for our other products. In fact, we had our second strongest January in company history this year.
If the company closes its crypto money products, the interest in the market continues!
According to the firm, 21Shares added $26.95 million in net new assets in January, compared to $26.73 million in the same period last year. The record was held in January 2021 with approximately $44 million in assets. The firm’s 21Shares Ethereum ETP (AETH) and 21Shares Bitcoin ETP were the second and third products to exceed this target, with over $200 million in assets under management. 21Shares will also continue to offer its first fund, the 21Shares Crypto Basket Index ETP (HODL). Meanwhile, ETP closures were also previously reported by Bloomberg.
Amid these developments, the cryptocurrency market continues to recover. At press time, leading crypto Bitcoin (BTC) was trading at the $25,000 mark, gaining over 22% week-on-week, while leading altcoin Ethereum (ETH) was trading at $1,666 on a weekly basis, up nearly 16%. It seems that although 21Shares’ two cryptocurrency-based products do not attract attention, the originals continue to attract investors.
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