Industry Updates

21Shares to shut six crypto ETPs on low demand

Terra ETPs set to close in June

Theo Andrew

a man in a suit

21Shares is delisting its terra exchange-traded product (ETP) and terminating five other crypto ETPs due to low investor demand.

In a shareholder notice, the firm said the five ETPs would start closing from next month, all of which have been open for less than a year.

Meanwhile, the 21Shares Terra Classic ETP (LUNA) will delist from the Six Swiss Exchange and the Deutsche Boerse on 12 June, over a year after the price terra and its sister coin Luna plummeted after the stablecoin de-pegged from the US dollar.

Hany Rashwan, CEO of 21Shares, told ETF Stream: “We are constantly monitoring investor interest and demand and we look to offer products that meet client needs.

“Sometimes, when the demand is lower, we make the decision to close some of our ETPs.”

The six ETPs are:

  • 21Shares S&P Risk Controlled Bitcoin Index ETP (PBTC)

  • 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH)

  • 21Shares DeFi 10 Infrastructure ETP (DEFII)

  • 21Shares Crypto Layer 1 ETP (LAY1)

  • 21Shares USD Yield ETP (USDY)

  • 21Shares Terra Classic ETP (LUNA)

According to 21Shares, the five other ETPs will delist from the Six Swiss Exchange and the Deutsche Boerse from April 6.

21Shares, along with VanEck and Valour, were forced to suspend creations and redemptions on their respective terra ETPs following the crash.

Last year proved to be a challenging year for digital assets following the collapse of terra and more recently the demise of Sam Bankman-Fried’s FTX empire.

Low sentiment made its way into the ETP market, with ETC Group shutting four crypto ETPs including the ETC Group Physical Uniswap ETP (USWA) on low demand.

A month prior, the firm closed its (PoW) ethereum ETP less than two months after launch as it could not find an eligible depository for its underlying.

21Shares is a portfolio company of ETFS Capital, an investor in AltFi and ETF Stream

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