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Switzerland-based exchange-traded product issuer 21Shares has entered the US market with two cryptocurrency investment products, according to a report on Coindesk.
21Shares launched its Crypto Basket 10 Index Fund, which tracks the prices of the top 10 cryptocurrencies available in American exchanges in terms of market capitalization.
The firm also rolled out the 21Shares Mid-Cap Index Fund, which offers exposure to cryptocurrencies ranked from third to tenth in terms of market capitalization, also considered the “next tier” of emerging cryptocurrencies.
Chief Executive Officer Hanry Rashwan noted that the timing is right for the firm to “build and innovate” as part of a long-term strategy, noting that fundamentals remain unchanged and its mission remains the same.
Rashwan also noted that there is a “clear appetite” for spot Bitcoin exchange-traded funds, as indicated by the recent rollout in Australia. BTC is down 3.58%, ETH down 5.09%, and ADA down 9.20%.
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