21Shares, a prominent provider of crypto exchange-traded products (ETPs), is broadening its European presence by launching six additional funds on the Swedish stock exchange, Nasdaq Stockholm.
On Thursday, 21Shares announced the cross-listing of six new products on Nasdaq Stockholm. These include ETPs for Aave (AAVE), Cardano (ADA), Chainlink (LINK), Polkadot (DOT), and two distinct crypto basket products.
Following this expansion, 21Shares now offers a total of 16 ETPs on Nasdaq Stockholm. This number represents a portion of the extensive range of products available on other European exchanges, such as SIX Swiss Exchange, Deutsche Börse Xetra, and Euronext Amsterdam.
These new listings follow closely on the heels of 21Shares' launch of a Solana (SOL) exchange-traded fund (ETF) on Wednesday, adding to a growing number of SOL ETF offerings.
21Shares Manages $8 Billion in Assets Under Management
"We continue to observe robust demand from Nordic investors seeking diversified and cost-efficient access to digital assets through regulated exchanges," stated Alistair Byas Perry, 21Shares’ head of EU investments.
He further added, "This expansion empowers us to provide an even more comprehensive suite of single-asset and index-based crypto ETPs, enabling both retail and institutional investors to precisely tailor their digital asset exposure within a trusted and transparent framework."
With listings across multiple exchanges in Europe and the United States, 21Shares stands as one of the largest crypto ETP providers. The company manages approximately $8 billion in assets globally, which constitutes about 4% of the total $191.5 billion in crypto ETFs issued worldwide.
Data from CoinShares indicates that roughly half of 21Shares’ assets under management are held in U.S. crypto ETFs, which were launched in partnership with ARK Invest, founded by Cathie Wood.
A Flourishing Landscape of Crypto ETFs
The expansion of crypto ETPs by 21Shares occurs amidst a surge of new crypto funds entering the U.S. market. Last week, spot XRP (XRP) ETFs made their debut on the Nasdaq exchange.
Following the launch of the first spot XRP ETF by Canary Capital, additional XRP funds are anticipated to launch in the coming days. These include ETFs from Bitwise and Grayscale, with scheduled debuts on today and Monday, respectively.
According to ETF expert Nate Geraci, XRP has become the sixth asset to be the basis for a single-asset crypto ETF in the U.S. This follows Bitcoin (BTC), Ether (ETH), Solana, Litecoin (LTC), and Hedera (HBAR).
Despite growing optimism surrounding new U.S. crypto ETFs, Bitcoin ETFs, which were among the first crypto funds to begin trading in January 2024, have experienced recent challenges.
On Tuesday, BlackRock's iShares Bitcoin ETF (IBIT) recorded its largest single-day outflow, with over $520 million withdrawn from the fund, as reported by Bloomberg ETF analyst Eric Balchunas.
After four consecutive weeks of outflows, year-to-date inflows into Bitcoin ETFs have decreased to $27.4 billion. This figure is approximately 30% lower than last year's total of $41.7 billion, according to CoinShares data.