21Shares, a Swiss-based issuer of crypto-based exchange-traded products (ETPs), has announced the closure of six of its products. These include the 21Shares Crypto Layer 1 ETP (LAY1), the 21Shares DeFi 10 Infrastructure ETP (DEFII), 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC), the 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH) and the 21Shares USD Yield ETP (USDY). The sixth product – 21Shares Terra Classic ETP (LUNA) – will keep trading until June 12. All six products will close after the April 6 trading day, with less than $700,000 in assets under management combined. The closures are part of 21Shares’ strategy to focus on its core products and provide investors with the best possible experience.
According to the spokesperson, some ETPs saw low demand, however, other products have seen strong demand. “In fact, we closed out our second-strongest January in company history this year.” said the spokesperson. This shows that despite some ETPs seeing low demand, the industry as a whole is still doing well and is seeing strong demand for its products.
21Shares, a leading provider of cryptocurrency exchange-traded products (ETPs), added $26.95 million in net new assets in January 2023, surpassing the previous record of $26.73 million during the same period last year. 21Shares’ 21Shares Ethereum ETP (AETH) and 21Shares Bitcoin ETP both surpassed $200 million in assets under management, becoming the second and third products to cross that mark. 21Shares also offers its first fund, 21Shares Crypto Basket Index ETP (HODL), which provides investors with exposure to a basket of the top cryptocurrencies. The firm has seen a surge in demand for its cryptocurrency ETPs, as investors look to diversify their portfolios with digital assets.
