21Shares’ new ETP provides exposure to PoS cryptocurrencies but not ETH

21Shares announced the launch of the first cryptocurrency share index ETP focused on proof-of-stake based coins.

Dubbed the 21Shares Staking Basket Index ETP (STAKE), the product will essentially provide exposure to staking rewards while tracking the performance of the underlying staked coins through a single ETP.

World’s First Crypto Participation Index ETP

According to the official Press releaseThe index will track ten crypto assets, including Binance Coin (BNB), Cardano (ADA), Cosmos (ATOM), Polkadot (DOT), Solana (SOL), and Tezos (XTZ).

It is expected to address the demands of retail and institutional investors around the world.

Even though STAKE is designed to track PoS-based currencies, the product does not, however, include Ethereum (ETH).

In a statement, the company further revealed that the index will be rebalanced in March and September on a semi-annual basis to demonstrate changes in the crypto market.

Its parent company, ETP Product Director of 21.co, Arthur Krause highlighted increased investor demand for “crypto-native, diversified return streams,” especially amid the bear market. Stake, for example, was touted as one of the most attractive of all.

He went on to add,

“In particular, we have heard the demand for a reliable and secure way to access staking, one of the most attractive potential sources of return available in the crypto ecosystem. The 21Shares Staking Basket Index ETP does just that, and will make an attractive addition to many portfolios.”

The 21Shares Staking Basket Index ETP, which became available for trading on the Swiss BX exchange on January 18, was developed in collaboration with Swedish index provider Vinter.

Its CEO, Jacob Lindberg, said the two companies will continue to work on launching more investment products that “build bridges to the world of cryptocurrencies.”

21Shares expansion and more

With the latest launch, 21Shares and its parent company listed more than 40 products on 12 exchanges in 8 countries.

Last October, the Swiss fintech company launched a Bitcoin exchange-listed product on Nasdaq Dubai. This marked the first physically backed BTC ETP in the Middle East.

21.co, on the other hand, raised $25 million in a funding round in September. The move catapulted its valuation to $2 billion and made it “the largest crypto unicorn in Switzerland.”