World’s first crypto staking index ETP by 21Shares has made its debut on the BX Swiss exchange that tracks a number of renowned proof-of-stake (PoS) cryptocurrencies.
In a press release on Wednesday, January 18th, 21Shares, a Swiss-based issuer of crypto exchange-traded products (ETPs) and exchange-traded funds (ETFs), announced the launch of the first-ever crypto staking index ETP, in collaboration with index provider Vinter, offering diversified staking income.
@21Shares unveils world's first crypto staking index ETP.
— LiquidityFinder (@LiquidityFinder) January 18, 2023
21Shares Staking Basket Index ETP
According to 21Shares, the world’s first crypto staking index ETP, called 21Shares Staking Basket Index ETP, is a basket of “crypto assets that provide exposure to staking rewards while tracking the performance of underlying staked cryptos through a single ETP.”
The ETP is developed in collaboration with Swedish index provider Vinter and tracks Binance Coin (BNB), Cardano (ADA), Cosmos, Polkadot (DOT), Solana (SOL), and Tezos (XTZ). The product is now available for trading on the BX Swiss Exchange under the ticker STAKE, and the issuer is seeking to list the ETP on Xetra Deutsche Boerse.
The staking basket contains 58.96% Binance Coin (BNB), 15.91% Cardano (ADA), 10.25% Solana (SOL), 8.67% Polkadot (DOT), 4.98% Cosmos (ATOM), and 1.23% Tezos (XTZ). The issuer noted that the index would rebalance semi-annually in March and September to reflect market shifts.
21Shares AG has the largest suite of cryptocurrency exchange-traded products (ETPs). The company currency lists 40 products across 12 exchanges in 8 countries. According to the issuer, the staking ETPs are in high demand, and the new product follows the success of single assets 21Shares Solana Staking ETP and 21Shares Tezos Staking ETP.
Arthur Krause, Director of ETP Product at 21.co, the parent company of 21Shares, commented:
“Staking is a long-standing feature of the blockchain ecosystem that allows crypto holders to earn rewards in exchange for locking up their assets. Our research has shown that investors are interested in diversified, crypto-native return streams – especially amid crypto winter. In particular, we’ve heard demand for a reliable and safe way to access staking, one of the most attractive potential return streams available in the crypto ecosystem. The 21Shares Staking Basket Index ETP does just that, and will be an attractive addition to many portfolios.”
The company has been issuing a number of innovative ETPs over the last year, including the world’s cheapest Bitcoin ETP (CBTC), 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC), and 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH). It also offers a number of crypto ETFs.