The first batch of ETPs will be discontinued after April 6th.
21Shares, a Swiss-based cryptocurrency exchange-traded products (ETP) provider, has confirmed plans to discontinue six of its offerings, citing low demand.
The news was initially revealed by the news media portal Bloomberg on March 16th.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
The ETPs scheduled for termination are 21Shares Crypto Layer 1 ETP (LAY1), 21Shares DeFi 10 Infrastructure ETP (DEFII), 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC), 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH), 21Shares USD Yield ETP (USDY), and 21Shares Terra Classic ETP (LUNA).
It is worth noting that the trading for the first five products will cease after April 6th, while the Terra Classic ETP will continue to be available for trading until June 12th.
21shares spokesperson claimed that the move is a standard practice in the ETP industry. The company’s representative noted:
While these ETPs saw relatively low demand, we’re seeing continuous strong demand in our other products. In fact, we closed out our second-strongest January in company history this year.
At the beginning of 2023, the firm experienced its second-highest January for net new assets since its founding in 2018.
In January, 21Shares recorded $26.95 million in net new assets, an increase from the $26.73 million reported during the same period last year. January 2021 remains the company’s record month, with nearly $44 million in net new assets.
It is worth noting that the firm’s 21Shares Ethereum ETP (AETH) and 21Shares Bitcoin ETP both surpassed $200 million in assets under management, becoming the second and third products to achieve this feat.
At the end of January, US Securities and Exchange Commission refused to list ARK 21Shares Spot Bitcoin exchange-traded fund (ETF).