21Shares has launched the first exchange-traded product (ETP) offering staking yield on a basket of cryptocurrencies.
The 21Shares Staking Basket (STAKE) is listed on the BX Swiss with a total expense ratio (TER) of 2.5%.
STAKE tracks the Vinter 21Shares Crypto Staking index which offers exposure to proof-of-stake cryptocurrencies including binance coin, cardano, cosmos, polkadot, solana and tezos and their respective staking yields.
The index will rebalance on a semi-annual basis in March and September to reflect market shifts.
Arthur Krause, director of ETP product at 21.co, parent company of 21Shares, commented: “Staking is a long-standing feature of the blockchain ecosystem that allows crypto holders to earn rewards in exchange for locking up their assets.
“We have heard demand for a reliable and safe way to access staking, one of the most attractive potential return streams available in the crypto ecosystem. STAKE does just that and will be an attractive addition to many portfolios.”
Jacob Lindberg, CEO of Vinter, added: “We are pleased to be launching the world’s first crypto staking index ETP with 21Shares, which is another milestone in our great partnership.”
Last year, 21Shares expanded its range with products addressing the ‘crypto winter’ and ethereum merge, including the world’s cheapest physical bitcoin and ethereum ETPs and low volatility strategies for each asset.