Cryptocurrency ETP provider 21Shares has reached the milestone of $100m in assets under management (AUM) following price rallies from leading cryptocurrencies.
Year-to-date, the price of Bitcoin has climbed 63.8% while the likes of Ethereum and Tezos have rallied 228.2% and 207.4%, respectively.
The firm has seen a significant volume of business from the Swiss market where its products are listed on two exchanges, the SIX Swiss and BX Swiss.
Amid a price rally across numerous cryptocurrencies between July and August, 21Shares has seen a large volume of trading from both institutional and retail clients.
21Shares saw trading volumes reach CHF 18.5m across its 11 products in the first two weeks of August, accounting for 75% of trading of all crypto-related products on the SIX Swiss.
Commenting on the milestone, Hany Rashwan, CEO of 21Shares, said: “This great milestone after only a year in the market across Europe shows how well investors have embraced our products.
“Now that the important $100m mark is met, we can focus on our next target: $1bn!”