Crypto investment platform Bitpanda has closed its five-strong digital asset exchange-traded product (ETP) range as it looks to consolidate its business operations amid a deteriorating market environment.
The Austrian-based firm has blamed a significant change in market sentiment towards crypto over the course of this year, leading to “fundamental changes” in the way it operates and resulting in the decision to discontinue the Bitpanda crypto trackers range.
It comes a year after the firm launched its first ETP, the Bitpanda Bitcoin ETC (YBTC).
The rest of the range, the Bitpanda Cardano ETC (YADA), the Bitpanda Polkadot ETC (TDOT), the Bitpanda Ether ETC (KETH) and the Bitpanda Solana ETC (TSOL) launched in April.
All the products have delisted from the Deutsche Boerse as a result.
Bitpanda added it was shifting towards its core business as it looked to consolidate its operations and refocus efforts to “better leverage its existing talent”.
“A major part of this process meant evaluating Bitpanda’s current product offering,” a Bitpanda spokesperson said.
“It was a hard decision but based on the realities of the market we have decided to discontinue the Bitpanda crypto trackers. To be as transparent as possible and to inform investors early on, we shared a pre-notification that we will redeem our ETC.”
It said details around the redemption for fort the ETPs will take place “in the coming weeks”.
The firm added it had not been directly impacted by the collapse of Sam Bankman-Fried’s FTX “or other recent events in the crypto markets”.
“We have chosen this step purely for strategic reasons. We are confident that this is the right decision and frees up resources to focus on the areas that we see as crucial to our long-term success,” it said.
Bitpanda was launched in 2014 as a bitcoin exchange and also offers trading in stocks metals and ETFs through its mobile investment platform.
It is the latest event in a tumultuous few months for the crypto ETP industry. CoinShares, 21Shares and VanEck were all forced to suspend creations on their FTX ETPs earlier this month following the collapse of the crypto exchange.
Meanwhile, ETC Group closed its proof-of-work (PoW) ethereum ETP less than two months after launch.