21Shares to close six crypto ETFs

Swiss cryptocurrency exchange traded product provider 21Shares is to shut six ETPs owing to limited investor demand.

The crypto asset manager will close its 21Shares S&P Risk Controlled Bitcoin Index, 21Shares S&P Risk Controlled Ethereum Index, 21Shares DeFi 10 Infrastructure, 21Shares Crypto Layer 1 and 21Shares USD Yield ETPs.

All five ETPs, which are small in size, were launched less than a year ago.

The firm will also delist its 21Shares Terra Classic ETP, which was first listed in January 2022.

According to 21Shares, the Terra Classic ETP’s delisting will take effect from June 12, while the other ETPs will have their last trading day on April 6.

All vehicles are listed in Frankfurt and Zurich.

21Shares said the product closures, which are “routine” and “standard” in the ETP industry, come after “an analysis of client demand for these products”.

The firm stressed, however, that the six ETPs set for closure account for less than 0.6 per cent of its total assets under management and that there was “strong demand” for its other products.

21Shares said inflows in January were higher than those in the same month last year and that its flagship bitcoin and ethereum funds each surpassed $200mn in assets under management that month.

The firm added that it now had three ETPs that looked after more than $200mn on behalf of investors.

Late last year 21Shares also terminated its 21Shares FTX Token ETP, which was affected by the collapse of crypto exchange FTX.

*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com.