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21Shares Suspends Crypto Products Citing Reduced Demand

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21Shares will reportedly terminate five funds and delist another one due to low interest from investors.

Switzerland-based crypto ETP issuer 21Shares is set to delist five funds and terminate another one due to waning investor interest.

The move will take place on April 6, and June 12 for the delisting of 21Shares Terra Classic ETP (LUNA). The terminated funds are the 21Shares S&P Risk Controlled Ethereum Index ETP, the 21Shares S&P Risk Controlled Bitcoin Index ETP, the 21Shares DeFi 10 Infrastructure ETP, the 21Shares USD Yield ETP, and the 21Shares Crypto Layer 1 ETP.

21Shares plans to keep offering its other products that enjoy solid demand. According to Arielle Pennington, Head of Global Communications, the demand for other ETPs remains strong, with assets under management for the 21Shares Bitcoin ETP and the 21Shares Ethereum ETP surpassing $200 million in January.

The Fed’s policy of lifting interest rates could be one reason behind the slide of the cryptocurrency market last year, but the market has improved since the start of the year.

The SEC recently rejected 21Shares’ plans to introduce a spot Bitcoin ETF on the Cboe BZX Exchange in a joint effort with Ark Investment Management.

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Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.