Switzerland-based asset management firm 21Shares has announced that it will stop offering six cryptocurrency ETPs (Exchange Traded Products) on March 17th, citing low demand for these products compared to other ETPs.

The six products that will be suspended include 21Shares Crypto Layer 1 ETP, 21Shares Crypto Layer 1 ETP, 21Shares S&P Risk Controlled Bitcoin Index ETP, 21Shares S&P Risk Controlled Ethereum Index ETP, 21Shares USD Yield ETP, and 21Shares Terra Classic ETP. The first five are set to close on April 6th, and the last on June 12th.

Although the combined assets under management for these six products have not reached $700,000, 21Shares reported that January 2023 was the second-best January in the company’s history. With $1.1 billion in assets under management as of March 15th, 21Shares has launched multiple altcoin-linked ETPs in Europe, including Bitcoin and Ethereum.

ETPs are a general term for financial products such as Exchange Traded Funds (ETF), Exchange Traded Securities (ETN), Commodity Exchange Traded Trusts (ETC), and other similar products. In recent years, various cryptocurrency ETPs have become available for trading in Europe. Besides Bitcoin and Ethereum, Cardano (ADA), XRP (Ripple), Solana (SOL), and Polkadot (DOT) ETPs are also listed on German and Swiss stock exchanges.

The decision to suspend these six ETPs may be due to a variety of factors, including lack of investor interest, regulatory concerns, and competition from other similar products. However, this move is unlikely to have a significant impact on the cryptocurrency market, as 21Shares still has a substantial presence in the industry and offers multiple other cryptocurrency-linked ETPs.

In conclusion, 21Shares’ decision to suspend six cryptocurrency ETPs due to low demand is a reminder that not all financial products related to cryptocurrencies are equally popular or successful. However, the company’s overall presence in the cryptocurrency market remains strong, and investors can still choose from a wide range of ETPs linked to various cryptocurrencies.

#bitcoin #21Shares #BTC #azcoinnews #ETP

This article was republished from azcoinnews.com

21Shares, a company that develops exchange-traded products, has introduced a Toncoin staking ETP. This happens as Toncoin reaches its highest value ever, driven by its integration into Telegram.
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Named TONN, the ETP is now available on the SIX Swiss Exchange, joining 21Shares’ existing lineup of crypto products. TONN mirrors Toncoin’s performance and automatically reinvests staking rewards into the ETP, according to 21Shares’ announcement on Wednesday.
 
Introducing TONN: Streamlined Staking Rewards with 21Shares
Investors seeking hassle-free access to staking rewards can now turn to TONN, the newly introduced exchange-traded product (ETP) by 21Shares. This innovative offering eliminates the complexities associated with setting up or managing staking nodes, providing a convenient avenue for earning rewards from Toncoin staking.
While TONN presents a streamlined approach to staking rewards, investors should remain mindful of associated fees charged by 21Shares for its products. Despite this, there is significant demand for the ETP, with an anticipated $40 million in assets under management at its launch, according to Rashwan, a representative from 21Shares. He highlighted the company’s dedication to meeting customer demands by continuously exploring new product opportunities and assessing market trends.

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Toncoin, the native token of The Open Network (TON), has emerged as a prominent player in the crypto space. Initially developed for the proof-of-stake blockchain formerly known as Telegram Open Network, Toncoin plays a pivotal role in the network’s ecosystem, offering investors opportunities for staking rewards and participation in its decentralized infrastructure.
Navigating the TON Blockchain’s Turbulent Journey
The TON blockchain encountered a significant obstacle in 2020 when Telegram, the messaging app giant spearheading the project, halted its development. This decision followed a legal dispute with the U.S. Securities and Exchange Commission (SEC), which accused Telegram of violating securities laws by failing to register its token, previously known as “gram,” with the regulator. As a result, Telegram was compelled to reimburse the $1.7 billion raised from investors in 2018 for the blockchain venture.

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Despite these setbacks and Telegram’s departure from the project, Toncoin remained resilient, achieving an all-time high of $5.69 this week. Notably, Telegram reaffirmed its commitment to the TON blockchain in the previous year, endorsing it as the preferred platform for web3 infrastructure. This endorsement culminated in Telegram’s official integration of TON earlier this month, enabling revenue sharing with channel owners and facilitating reward payments using Toncoin.
Also Read:   Shiba Inu Sees 825% Surge in Shibarium Metric
Following Telegram’s exit, the management of the TON blockchain was assumed by the TON Foundation, a nonprofit organization comprising dedicated contributors committed to advancing the project’s objectives.

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21Shares: Shaping the Digital Asset Landscape
Meanwhile, 21Shares, a prominent asset manager, has been actively engaged in the cryptocurrency space, offering over 40 exchange-traded products (ETPs) across more than ten exchanges. With approximately $7 billion in assets under management as of March 26, 21Shares continues to play a significant role in shaping the landscape of digital asset investments.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#TON  #Bitcoin  #Altcoin  #21Shares  #ETP  

#TON #MarketCap #21Shares #ADA #Cardano
TON is on a tear! The token just hit a new high of $6.96, surging an impressive 23.9% in the last 24 hours. It's currently trading at $6.75, but that's enough to propel its market cap to a whopping $23.8 billion!
This incredible performance not only marks a significant milestone for TON but also sees it overtake Cardano (ADA) to claim the coveted 10th spot in the market cap rankings.
This development highlights the dynamic nature of the crypto market, where new contenders can rapidly rise through the ranks. Keep an eye on TON - its future looks bright!
Here's some additional information you might find interesting:
Possible Reasons for TON's Surge: We don't have the full picture yet, but some speculate the recent listing of the 21Shares Toncoin Staking ETP (TONN) on the Swiss SIX Exchange could be a contributing factor. This could be attracting new institutional investors to TON.What's Next for TON?: It's hard to say for sure, but with this momentum, TON could continue to climb. However, the cryptocurrency market is volatile, so there could also be corrections.More About TON: For those unfamiliar, TON is the native token of the Telegram Open Network (TON), a blockchain platform developed by Telegram.
Stay informed! Follow reliable crypto news sources to keep up with the latest developments on TON and the broader market.

The firm would allegedly delist the #21Shares #Terra Classic ETP and close five #crypto ETPs (LUNA).

Due to insufficient investor interest, Switzerland-based crypto ETP issuer 21Shares would reportedly terminate five of its funds and delist another.

Arielle Pennington, Head of Global Communications, stated that the company will continue to offer its other products, which are in high demand.

Getting Rid Of Certain ETPs

Bloomberg reports that the 21Shares S&P Risk Controlled #Ethereum Index ETP (ticker SPETH), the 21Shares S&P Risk Controlled Bitcoin Index ETP (ticker SPBTC), the 21Shares DeFi 10 Infrastructure ETP (DEFII), the 21Shares USD Yield ETP (USDY), and the 21Shares Crypto Layer 1 ETP will be closed (LAY1).

From April 6, traders will no longer have access. On June 12, it will also delist the 21Shares Terra Classic ETP (LUNA).

The main reason for the transfer is the low interest rate, as they have less than $700,000 in total assets.

Pennington stated that demand for other ETPs remains high, and that January saw considerable inflows. Assets under management for the 21Shares Bitcoin ETP (ABTC) and the 21Shares Ethereum ETP (AETH) topped $200 million during that month.

The Fed's approach of raising interest rates has had a detrimental impact on some products, such as ETPs, and may have contributed to the cryptocurrency market's decline last year. Additional factors include the industry's numerous scandals and failures, with FTX, Terra, and Celsius among the most well-known instances.

Yet, the market has significantly improved since the beginning of the year. During the American banking crisis, #bitcoin and numerous altcoins reached multi-month highs.

Furthermore, the industry might benefit if the Fed ends its relentless rate hikes, providing a breath of fresh air to risk-off markets. The central bank is expected to raise interest rates by 25 basis points next week, however some predict they will not touch the percentage after raising it for eight straight months.

The BTC ETF Was Rejected Once More

Aside from ETPs, 21Shares announced intentions to launch a spot Bitcoin ETF on the Cboe BZX Exchange in collaboration with Ark Investment Management. Nonetheless, the US Securities and Exchange Commission denied the application about two months ago, as it did in the spring of 2022.

It argued that the Cboe BZX Exchange had failed to "show that its plan is consistent with the standards" for preventing price manipulation and frauds.

Previously, the SEC rejected similar efforts sponsored by VanEck, NYDIG, Grayscale, and other groups.

- Ethereum ETFs encounter obstacles due to Ethereum's staking system and regulatory classification.
- ARK Invest and 21Shares adjusted their proposals by eliminating staking rewards to navigate regulatory challenges.
- This adjustment likely reflects responses to informal SEC guidance.
- Multiple issuers, like BlackRock and Invesco-Galaxy, have experienced setbacks or rejections from the SEC.
- The SEC is anticipated to rule on VanEck's and ARK-21Shares's applications by late May, and removing staking rewards improves their approval prospects.

The discussion around Ethereum ETF approvals has been a hot topic, particularly following the recent green light for 11 spot Bitcoin ETFs in January.
These Bitcoin ETFs significantly boosted Bitcoin's market dynamics before and after their launch, sparking considerable interest in a similar product for Ether.
However, the road to an Ethereum ETF faces notable hurdles, including Ethereum's ambiguous classification as either a security or commodity, alongside its staking mechanism.
The Main Challenges
One major obstacle for an Ethereum ETF approval revolves around its classification and the network's shift to a Proof of Stake (PoS) consensus model.
In simple terms, Ethereum's staking feature complicates matters for the Securities and Exchange Commission (SEC) in determining whether staking rewards constitute securities.
If the SEC deems Ethereum's staking model as security-driven, it could lead to stricter regulations across the ecosystem, potentially delaying or even preventing the launch of an Ethereum ETF.
Strategic Adjustments
In response to these complexities, ARK Invest and 21Shares, key contenders for an Ether ETF, recently revised their proposals.
Their latest updates entail removing plans for staking Ether, a move that could facilitate the SEC's decision-making process.
Understanding the Update
The initial proposal, filed on February 7, included a provision allowing investors to earn staking rewards through the ETF.
However, the subsequent revision on May 10 saw both companies eliminating this feature, signaling a strategic shift away from staking as an income stream for the ETF.
According to insights from Bloomberg ETF analyst Eric Balchunas, this adjustment likely stems from feedback received from the SEC, although official comments from the parties involved have yet to be made public.
Why the Update?
The removal of the staking clause appears to be a proactive effort by Ark Invest and 21Shares to refine their application and preempt potential objections from the SEC.
Several other issuers, including Grayscale, Franklin Templeton, VanEck, and BlackRock, have navigated similar cycles of delays and rejections from the SEC.
The fate of VanEck's and ARK-21Shares's applications is expected to be determined in the coming weeks, specifically around May 23 and May 24.
Ultimately, the burning question remains: are we nearing an Ethereum ETF approval?
Disclaimer: While Voice of Crypto aims to provide accurate and current information, it cannot guarantee the completeness or accuracy of the details provided. Cryptocurrencies are inherently volatile financial assets, so investors are advised to conduct thorough research and make independent financial decisions.
#Ark #21Shares #Ethereum #ETHETFS #EthereumETF
$ARK $ETH