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
