21Shares launches ETP for Bitcoin L2 community Stacks

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 Alternate 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, mentioned:

“ASTX gives a novel alternative for traders, as there are presently no different funding merchandise offering publicity to Stacks in the marketplace.”

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

The protocol is among the best-performing digital belongings, rallying by greater than 330% in 2023, in accordance with StarCrypto’s information.

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

In the meantime, this isn’t the primary altcoin ETP 21Shares could be launching. Attributable to low investor demand in March, the ETP issuer delisted six crypto ETPs, together with its Terra ETP.

The information didn’t affect STX’s value efficiency — it’s down 2.3% to commerce at $0.87 as of press time, in accordance with StarCrypto’s information.

Crypto ETPs are performing strongly in 2023

Knowledge from trackinsight confirmed that the majority crypto-related ETPs have soared by greater than 60% in 2023. That is primarily as a result of trade’s improved efficiency which has seen Bitcoin and different cryptocurrencies get well from their earlier lows.

A number of funding companies have issued crypto ETPs for traders trying to spend money on crypto. Buyers often spend money on ETPs to not directly achieve 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 wished to offer institutional traders entry to various cryptocurrencies.

Moreover that, a number of the largest monetary establishments — BlackRock and Constancy Funding — have launched their crypto-related choices to draw traders.

(Up to date to incorporate extra data)