21Shares, a Switzerland-based supplier of cryptocurrency exchange-traded merchandise, or ETPs, has recorded a 100% progress in property beneath administration over the previous two weeks.
The corporate introduced Monday that 21Shares has handed the $1 billion mark in AUM throughout its diversified 12 crypto asset ETPs. 21Shares CEO Hany Rashwan mentioned that the corporate has seen a meteoric rise in its crypto ETP merchandise just lately, doubling AUM in lower than two weeks. The corporate beforehand introduced that 21Shares broke $500 million in AUM on Feb. 8.
In line with the announcement, the large surge in 21Shares’ crypto ETP enterprise is especially attributed to the speedy adoption of crypto by institutional traders in addition to the merchandise’ availability on regulated European exchanges.
Rashwan mentioned that institutional traders are capable of spend money on 21Shares’ crypto ETPs through the use of the Worldwide Securities Identification Quantity, or ISIN, which is a world normal used to establish particular securities resembling bonds, shares, derivatives, and others:
“With such institutional demand wanting to realize publicity to crypto by way of an ISIN, it took us lower than two weeks from saying $500 million in AUM to now exceeding $1 billion. It’s quickly changing into considered for a lot of wealth managers, non-public banks, household workplaces and people to allocate to crypto property.”
In line with a product break down chart within the announcement, the largest a part of 21Shares’ whole AUM got here from 21Shares Binance BNB ETP (ABNB) — an ETP monitoring the funding outcomes of Binance Coin (BNB). BNB’s dominant share within the whole AUM comes amid Binance Coin’s latest surge, which noticed it turn out to be the world’s third-largest cryptocurrency on Feb. 19.
As of Feb. 18, ABNB was apparently nonetheless behind 21Shares Bitcoin ETP, or ABTC, with AUM amounting to round $214 milion, whereas ABTC AUM stood at $272 million, based on official information on the 21Shares web site.
Previously branded as Amun AG, 21Shares is understood for launching the world’s first multi-crypto ETP, itemizing the product SIX Swiss Alternate in November 2018. In simply over two years after launching its first crypto ETP, 21Shares has been actively diversifying its crypto ETP providing, witnessing a 200-fold enhance in AUM. In early February, 21Shares launched the world’s first ETP primarily based on Polkadot (DOT).