- The announcement comes after Canadian regulators approved the country’s first Bitcoin exchange-traded fund in February, and Brazilian regulators followed suit a few months later. Rashwan noted at the time that 21Shares might provide comparable products with different underlying assets in the future.
- 21Shares CEO Hany Rashwan reportedly viewed the company’s current entry into the US market as part of its global development strategy, noting that recent market swings have not impacted the company’s long-term crypto asset strategy.
- The top dozen cryptocurrencies have consistently beaten traditional indexes such as the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite in terms of cumulative return rate.
With the debut of two crypto ETPs that follow top and mid-tier cryptocurrencies available on US exchanges, 21 Shares enters the US market. 21Shares, a Swiss investment product issuer, is creating two private funds for US accredited clients looking to invest in crypto assets. Top and mid-tier cryptocurrencies available on US exchanges will be tracked by the products.
Getting Into The US Market
The two funds – 21Shares Crypto Basket 10 Index Fund and 21Shares Crypto Mid-Cap Index Fund – will track the performance of the Vintner 21Shares Crypto Basket 10 US Index, which is made up of the top 10 crypto assets by market cap, and the Vintner 21Shares Crypto Mid-Cap US Index, which is made up of a basket of emerging mid-tier digital assets, according to the firm’s press release.
The two crypto exchange-traded products (ETPs) are the firm’s first-ever investment products for US clients. The new features, according to Arthur Krause, Director of Product at 21Shares, would let potential crypto investors manage their accounts without having to worry about custodial arrangements:
The top dozen cryptocurrencies have consistently beaten traditional indexes such as the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite in terms of cumulative return rate. Our two new index funds allow accredited investors to participate in cryptocurrencies without having to manage custodial arrangements, track private keys and passwords, or risk being hacked or having their data stolen.
21Shares CEO Hany Rashwan reportedly viewed the company’s current entry into the US market as part of its global development strategy, noting that recent market swings have not impacted the company’s long-term crypto asset strategy. He further stressed that the company’s interest in spot Bitcoin ETFs does not trump its ongoing crypto ETP efforts.
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Bitcoins ETFs Have Been Introduced in Asutralia
The firm partnered up with ARK Investment Management earlier this year to try to develop a Spot Bitcoin ETF for US investors. The SEC, on the other hand, officially rejected the proposal in April, signaling the agency’s continued opposition to approving a spot Bitcoin ETF.
However, the firm recently announced the successful launch of Bitcoin and Ethereum ETFs in Australia, which will track the price of BTC and ETH in Australian dollars, respectively. The announcement comes after Canadian regulators approved the country’s first Bitcoin exchange-traded fund in February, and Brazilian regulators followed suit a few months later. Rashwan noted at the time that 21Shares might provide comparable products with different underlying assets in the future.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/05/20/two-us-index-funds-tracking-major-cryptocurrency-have-been-launched-by-21shares/