Leading cryptocurrency Exchange Traded Product (ETP) provider, 21Shares, has hit a milestone target of $100 million in assets under management, just after the recent price rallies of the major digital assets in the crypto market, ETP Stream reported Sunday.
In just a year since the company ventured into the crypto market, several cryptocurrencies like Tezos, Ethereum, and the ever sought after digital gold Bitcoin have seen a meteoric rise in their values with each growing up to 207.4%, 228.2%, and 63.8% respectively.
Per the latest achievement and the acceptability of the company’s products by players in the market, 21Shares CEO Hany Rashwan, said: “This great milestone after only a year in the market across Europe shows how well investors have embraced our products.”
BNB takes dominance
Among the number of crypto ETP listed for trade on 21Shares, it is worthy to note that the Binance BNB ETP (ABNB) recorded the highest-ranking trade volume of $25.3m Assets Under Management(AUM). Following on the list is the Bitcoin ETP (ABTC) and then the Crypto Basket Index ETP (HODL), which traded $19.2m and $15.7m, respectively, which accounts for more than 50% of the total traded ETP.
More than that, the firm owes a measure of its success to BX Swiss and SIX Swiss, two exchanges in the Swiss market where the ETPs are traded. Per the report, 21shares recorded a massive trading volume of CHF 18.5m ($20.4 million) from its 11 products during the first half of August, which accounted for 75% of the crypto-related ETPs traded on SIX Swiss.
However, not banking on its current success, the company is targeting an even greater achievement. With a new business target, the CEO said: “Now that the important $100m mark is met, we can focus on our next target: $1 billion!”
In February, Coinfomania reported that 21Shares launched a new tracker product, dubbed Short Bitcoin ETP (SBTC), in response to the call for cryptocurrencies in the German community.