21Shares launches ETP for Bitcoin L2 network Stacks

21Shares, a leading issuer of crypto exchange-traded products (ETPs), has launched a product offering exposure to the Bitcoin (BTC) Layer 2 (L2) network stack (STX).

According to April 4th statement21Shares Stacks Staking ETP, is listed on the BX Swiss Exchange under the ticker ASTX.

21Shares describes the product as “the world’s first ETP to offer stack exposure.”

Arthur Krause, Director of ETP Products at 21Shares, said:

ASTX presents a unique opportunity for investors as there are currently no other investment products in the market that offer stack exposure.

Stacks is a Bitcoin L2 network with a separate ledger that stores data outside of Bitcoin L1. The protocol allows developers to build decentralized applications (dApps) similar to other smart contract-enabled blockchains such as Ethereum.

The protocol is one of the highest performing digital assets, rising over 330% in 2023. of crypto slate data.

Earlier this year, Hal Press, founder of crypto investment fund North Rock Digital, said his fund had taken a long-term position on STX.

On the other hand, this is not the first altcoin to be launched by ETP 21Shares. Due to low investor demand in March, the ETP issuer delisted six of his crypto ETPs, including the Terra ETP.

This news did not affect STX’s price performance. of crypto slate data.

Crypto ETP to perform well in 2023

data According to trackinsight, most crypto-related ETPs will rise by more than 60% in 2023. This is largely due to better industry performance as bitcoin and other cryptocurrencies have recovered from previous lows.

Several investment firms issue cryptocurrency ETPs for investors looking to invest in cryptocurrencies. Investors typically invest in ETPs to indirectly gain exposure to digital assets without owning them directly.

For context, WisdomTree launch Cardano, Solana and Polkadot ETPs took place in Europe last year despite the bear market conditions. At the time, investment firms wanted to give institutional investors access to a wide variety of cryptocurrencies.

In addition, some of the largest financial institutions such as BlackRock and Fidelity Investment have launched crypto-related services to attract investors.

(Updated to include more information)