Stacks is one of the best performing digital assets, up more than 330% in 2023, according to CryptoSlate.
21Shares, a leading cryptocurrency exchange-traded product (ETP) issuer, has launched a product that provides exposure to the Bitcoin ( BTC ) layer2 (L2) network stack ( STX ).
According to an announcement on April 4, the 21Shares Stacks Staking ETP was listed on the BX Swiss Exchange under the ticker ASTX.
21Shares describes the product as “the world’s first ETP to provide exposure to Stacks.”
Arthur Krause, Director of ETP Products at 21Shares, said:
“ASTX offers a unique opportunity for investors as there are currently no other investment products on the market that offer exposure to Stacks.”
Stacks is a Bitcoin L2 network with a separate ledger for storing data outside of Bitcoin L1. The protocol allows developers to build decentralized applications (dApps) similar to those on other smart contract-enabled blockchains such as Ethereum.
The protocol is one of the best-performing digital assets, up more than 330% so far in 2023, according to CryptoSlate.
Earlier this year, Hal Press, founder of crypto investment fund North Rock Digital, said his fund held a long position in STX.
Meanwhile, this is not the first altcoin ETP 21Shares is set to launch. The ETP issuer delisted six crypto ETPs, including its Terra ETP, due to low investor demand in March.
The news did not affect STX’s price performance — at press time, STX was down 2.3% to $0.87, according to CryptoSlate.
Crypto ETPs set to perform strongly in 2023
Data from TrackInsight shows that most cryptocurrency-related ETPs have surged more than 60% in 2023. This is mainly due to improved industry performance, with Bitcoin and other cryptocurrencies recovering from previous lows.
Several investment firms have issued cryptocurrency ETPs for investors who want to invest in cryptocurrencies. Investors typically invest in ETPs to gain indirect exposure to digital assets without holding them directly.
For context, WisdomTree launched ETPs for Cardano, Solana, and Polkadot in Europe last year despite a bear market. At the time, the investment firm wanted to provide institutional investors with access to a wide range of cryptocurrencies.
In addition, some of the largest financial institutions, such as BlackRock and Fidelity Investments, have launched cryptocurrency-related products to attract investors.
