Industry Updates

ETC Group to shut four crypto ETPs amid low demand

The firm plans to launch a new range of products in Q1 2023

Jamie Gordon

a pile of coins

ETC Group is set to close its bitcoin cash, stellar, tezos and uniswap exchange-traded products (ETPs) amid low demand for individual small-cap coins.

The firm issued mandatory redemption notices on the relevant product pages, exercising its right to terminate the products after 90 consecutive days of trading with less than $100m assets under management (AUM).

The four ETPs closing are: 

  • $73k ETC Group Physical Uniswap ETP (USWA)

  • $77k ETC Group Physical Tezos ETP (EXTZ)

  • $153k ETC Group Physical Stellar ETP (STLR)

  • $328k ETF Group Physical Bitcoin Cash ETP (BTCH)

ETC Group said it would inform shareholders in the ETPs it is auctioning the products’ underlying assets “around 40 days” after issuing the redemption notices, with more details on these auctions to be provided on the company website.

Bradley Duke, co-founder and co-CEO of ETC Group, told ETF Stream“All issuers of ETFs and ETPs conduct periodic reviews of their product offerings and it is common practice to discontinue products that have not performed as hoped.

“At ETC Group, we have taken the decision to focus more on the larger caps for our single coin ETPs. We have got an exciting roster of new products, which we believe will resonate strongly with investors looking for quality, regulated exposure to digital assets.

“We will be announcing the launch of the first of this innovative new range of products in Q1 2023.”

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

In September, the firm expanded its leadership team with the appointments of Jan Altmann and Alan Boulhimez as investment strategy directors from justETF and First Trust, respectively.

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