Swiss-based cryptocurrency firm 21Shares has launched a new exchange-traded crypto product (ETP) known as the 21Shares Staking Basket Index ETP (STAKE), designed to focus on Proof-of-Stake (PoS) coins.
The ETP is designed to track up to 10 PoS cryptocurrencies and is now being traded on the local BX Swiss exchange under the ticker symbol STAKE. Initially, the STAKE ETP will contain six digital assets, including BNB, Cardano, Cosmos, Polkadot, Solana, and Tezos. The index will be rebalanced semi-annually in March and September.
Added value for investors
Since 2019, 21Shares has been experimenting with Staking-ETPs. The Swiss firm began with the 21Shares Tezos Staking ETP (AXTZ) and launched the 21Shares Solana Staking ETP (ASOL) in June 2021. While both products saw a significant decline in 2022, they have performed well in the early weeks of 2023.
With the addition of STAKE, 21Shares and its parent company 21.co now offer 47 crypto ETP products across 12 exchanges in nine countries, providing investors with a secure way to gain exposure to cryptocurrencies by offering an alternative to direct crypto investments. This allows investors to achieve a safe exposure to cryptocurrencies and creates an alternative to direct investments in cryptocurrencies.
"STAKE adds value to investors by using the assets of the ETP to generate a passive return. This can provide additional returns by contributing to the security of the network." - Arthur Krause, Director of ETP Products at 21.co