Leading ETP publisher 21Shares has launched new ETP products for the two cryptocurrencies. According to the April 4 statement, ETPs started trading on the Swiss Exchange.
21Shares introduced these 2 cryptocurrency ETP products
In the April 4 announcement, 21Shares announced the launch of Bitcoin (BTC) and Stacks (STX) ETP products. Stacks Staking ETP for STX is listed on BX Swiss Exchange under the acronym ASTX. 21Shares described its product as “the world’s first ETP to offer investment opportunity in Stacks”. Arthur Krause, product director of 21Shares ETP, said:
ASTX presents a unique opportunity for investors as there are currently no other investment products on the market that allow investing in Stacks.
21Shares announced on Twitter, “21Shares is proud to announce the world’s first ETP for an opportunity to invest in Stacks. Stacks is an L1 that enables developers to build smart contracts and decentralized applications on the Bitcoin network.”
Stacks (STX) is one of the top performing cryptocurrency projects, rallying more than 330% in 2023
Stacks is a Bitcoin L2 network that maintains a separate ledger to store data outside of Bitcoin L1. The protocol allows developers to deploy decentralized applications (like Ethereum) to other smart contract-enabled blockchains.dApps) The data shows that STX is one of the unique performers rallying 300% in 2023.
Earlier in the year, Hal Press, founder of crypto investment fund North Rock Digital, said that his fund has taken a long-term position in STX. By the way, this is not the first altcoin that ETP 21Shares will be released. Due to low investor demand in March, the ETP issuer delisted six crypto ETPs, including Terra ETP.
How has the STX price reacted to the news?
The news failed to impact STX’s price performance on a large scale. cryptocoin.comAs you follow, STX is trading at $0.8724, slightly lower at the time of writing.
Cryptocurrency ETPs perform strong in 2023
Data from Trackinsight showed that most crypto-related ETPs have increased by more than 60% in 2023. This is primarily due to the improved performance of the industry, which has seen Bitcoin and other cryptocurrencies recover from their previous lows.
Several investment firms have issued crypto ETPs for investors looking to invest in crypto. Investors often prefer to invest in ETPs to invest indirectly without owning a cryptocurrency directly.
In terms of context, WisdomTree launched ETPs for Cardano, Solana and Polkadot in Europe last year despite the bear market situation. At the time, the investment firm wanted to give institutional investors access to a variety of cryptocurrencies. Alongside this, some of the biggest financial institutions – BlackRock and Fidelity Investment – have launched their crypto-related offerings to attract investors.
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