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Cryptocurrency asset management firm 21Shares shut down five exchange-traded products (ETPs) and delisted another as investor demand declines.
The move comes as digital tokens struggle amid the Federal Reserve’s efforts to control inflation and as the cryptocurrency space faces multiple scandals, including the implosion of exchange FTX.
The five ETPs to be closed are the 21Shares S&P Bitcoin Risk Control ETP (SPBTC-USD), the 21Shares S&P Ether Risk Control ETP (SPETH-USD), the 21Shares DeFi 10 Infrastructure ETP (DEFII), the 21Shares Crypto Layer 1 ETP (LAY1) and 21Shares USD Yield ETP (USDY), Bloomberg reported.
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The last trading day for these ETPs is April 6, while the 21Shares Terra Classic ETP (LUNA-USD) will be delisted effective June 12.
The firm’s total assets for the six funds are under $700,000.
According to ETF Stream, the previous boom in virtual-currency exchange-traded products was already deflating before FTX’s implosion, with launches dwindling and an increase in liquidations.
Some analysts predict that more closures will occur in 2023.
On the flip side, 21Shares’ first fund, 21Shares Crypto Basket Index ETP (HODL), which was launched during the crypto slump of 2018, will continue trading and has assets of approximately $100 million.
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Image and article originally from www.benzinga.com. Read the original article here.