21Shares to discontinue six crypto ETPs amid weak demand

The Swiss company 21Shares has decided to close six cryptocurrency exchange-traded products (ETPs) due to weak demand. CoinDesk reports.

According to the company’s representative, trading will cease on April 6.

• Crypto Layer 1 ETP;
• DeFi 10 Infrastructure ETP;
• S&P Risk Controlled Bitcoin Index ETP;
• S&P Risk Controlled Ethereum Index ETP;
• USD Yield ETP.

The Terra Classic ETP will be available until June 12. Assets under management across all six products total less than $700 000.

“This is standard practice in the ETP industry. Although these [products] have relatively low demand, we are seeing consistently high interest in others,” a spokesperson said.

In September 2022, 21.co, the parent company of 21Shares, raised $25 million in a financing round led by hedge fund Marshall Wace. Investors valued it at $2 billion.

Earlier in 2023, the crypto ETP provider introduced a product that tracks the performance of a basket of digital assets using the Proof-of-Stake algorithm.