Tuesday, March 5, 2024

21Shares launches ETP for Bitcoin L2 community Stacks


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Main crypto exchange-traded product (ETP) issuer 21Shares has launched a product providing publicity to Bitcoin (BTC) layer2 (L2) community Stacks (STX).

In response to an April 4 assertion, the 21Shares Stacks Staking ETP  is listed on the BX Swiss Trade below the ticker ASTX.

21Shares described the product as “the world’s first ETP providing publicity to Stacks.”

Arthur Krause, director of ETP product at 21Shares, stated:

“ASTX gives a novel alternative for buyers, as there are at the moment no different funding merchandise offering publicity to Stacks available on the market.”

Stacks is a Bitcoin L2 community with a separate ledger to retailer knowledge outdoors Bitcoin L1. The protocol permits builders to construct decentralized purposes (dApps) just like these on different sensible contract-enabled blockchains like Ethereum.

The protocol is likely one of the best-performing digital belongings, rallying by greater than 330% in 2023, in line with CryptoSlate’s knowledge.

Earlier within the yr, crypto funding fund North Rock Digital’s founder Hal Press stated his fund had taken a long-term place in STX.

In the meantime, this isn’t the primary altcoin ETP 21Shares can be launching. As a consequence of low investor demand in March, the ETP issuer delisted six crypto ETPs, together with its Terra ETP.

The information didn’t affect STX’s worth efficiency — it’s down 2.3% to commerce at $0.87 as of press time, in line with CryptoSlate’s knowledge.

Crypto ETPs are performing strongly in 2023

Information from trackinsight confirmed that the majority crypto-related ETPs have soared by greater than 60% in 2023. That is primarily because of the business’s improved efficiency which has seen Bitcoin and different cryptocurrencies recuperate from their earlier lows.

A number of funding corporations have issued crypto ETPs for buyers seeking to spend money on crypto. Buyers often spend money on ETPs to not directly acquire publicity to a digital asset with out holding it instantly.

For context, WisdomTree launched ETPs for Cardano, Solana, and Polkadot final yr in Europe regardless of the bear market situation. On the time, the funding agency needed to supply institutional buyers entry to numerous cryptocurrencies.

Apart from that, a few of the largest monetary establishments — BlackRock and Constancy Funding — have launched their crypto-related choices to draw buyers.

(Up to date to incorporate extra data)

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