21Shares to list ETH and BCH ETPs on Deutsche Boerse’s Xetra

Switzerland-based investment product provider plans to list Ethereum and Bitcoin Cash exchange-traded products (ETPs) on Deutsche Boerse’s Xetra market

21Shares said it was working towards listing Ethereum and Bitcoin Cash exchange-traded products (ETPs) on Deutsche Boerse’s Xetra market. The Switzerland-based firm is one of the leading cryptocurrency investment product providers globally and intends to expand its crypto product portfolio.

According to the firm, the Ethereum ETP will start trading under the ticker “21XE” while the Bitcoin Cash ETP will be under the ticker “21XC”. The ETPs will launch on the regulated market today, 9 March 2021, subject to the Frankfurt Stock Exchange’s approval.

21Shares first listed a cryptocurrency ETP on the market late last year. The first listings were in July and September 2020 of the 21Shares Bitcoin ETP (21XB) and Short Bitcoin ETP (21XS) on Xetra. It is now looking to add two more products. The ETPs are performing well as the total investment has already exceeded the $100 million mark.

The firm said it now has 12 different cryptos ETPs. Hany Rashwan, CEO 21Shares AG, said, “After the immensely successful launch of the first Polkadot ETP just a month ago, we are working on several more launches in the second and third quarter. In this way, we aim to lead the adoption of crypto assets into conventional asset allocations”.

According to 21Shares, a Central Clearing counterparty (CCP) adds certain benefits such as standardisation, risk reduction and operational efficiency, making it easier and faster to institutionalise crypto ETPs. “21Shares believes this innovation delivers enhanced liquidity and reduces trading costs as central clearing expands the pool of eligible counterparties to trade with beyond having to clear bilaterally”, the firm added.

Bitcoin and the general cryptocurrency market have rallied over the past year. The leading cryptocurrency slipped below the $4,000 mark during this period last year as the Coronavirus pandemic affected the entire global financial markets. However, it bounced back and went on to break its previous all-time high record of $20,000 and set a new one above $58,000 a few weeks ago.

The surge in Bitcoin’s price led to massive interest from institutional investors globally. The cryptocurrency ETPs and other investment products make it easier for institutional investors to gain exposure to the market without holding real assets.