21Shares has expanded its crypto exchange-traded product (ETP) range with the launch of a strategy offering exposure to stacks.
The 21Shares Stacks Staking ETP (ASTX) is listed on the BX Swiss Exchange with a total expense ratio (TER) of 2.50%.
Stacks is a crypto asset protocol that uses bitcoin as an infrastructure for smart contracts and decentralised applications.
The protocol hopes to expand the use of the major cryptocurrency beyond its principal use as a store-of-value and settlement infrastructure.
ASTX is the first way investors can gain access to the asset, currently valued at $1.6bn, without holding it directly.
Arthur Krause, director of ETP product at 21Shares, said: “ASTX provides a unique opportunity for investors, as there are currently no other investment products providing exposure to stacks on the market.
“Our ETPs allow investors to access innovative and promising crypto assets through trusted investment vehicles.”
Last month, 21Shares announced it would be delisting its terra ETP and terminating five other crypto ETPs due to low investor demand.
21Shares is a portfolio company of ETFS Capital, an investor in ETF Stream