Crypto ETP provider 21Shares has reached $150m assets under management across its 11-strong range of crypto ETPs.

The milestone is largely driven by bitcoin’s rallying performance in 2020.

Bitcoin has climbed 155% year-to-date, a performance not seen since November 2017 as industries become more accepting of the digital asset.

The price of bitcoin has surpassed the $18,000 mark and investors are hopeful to see it beat its previous record of $20,000 last seen in December 2017.

21Shares saw institutional inflows into its range of crypto ETPs more than double in Q3 compared to the previous quarter, with the 21Shares Bitcoin ETP (ABTC) being the most popular among investors.

In October, PayPal announced it would accept crypto spending on its platform which is being seen as the biggest step for digital assets towards mainstream adoption.

21Shares lists first short bitcoin ETP on Deutsche Boerse

Hany Rashwan, CEO of 21Shares, commented: “We have seen a growing appetite amongst Swiss and European based asset managers, family offices, hedge funds and private banks for an institutional-grade ETP providing access to bitcoin and other cryptocurrencies this year.

“It is worth noting that we are still at the beginning with institutional investors across Europe accessing cryptocurrencies via ETPs and we expect this shift to continue growing and speeding up in 2021 and beyond.”

Having launched its first product HODL in 2018, 21Shares reached $100m AUM in August 2020, meaning the firm has grown its assets by 50% in three months.