Cathie Wood-backed 21shares offers first staking index ETP

Cathie Wood-backed 21Shares unveiled the 21Shares Staking Basket Index ETP, the first crypto staking index ETP offering diversified staking income.

The 21Shares Staking Basket Index ETP tracks proof-of-stake cryptocurrencies including Binance Coin, Cardano, Cosmos, Polkadot, Solana and Tezos, the company said. The 21Shares staking index methodology was built in collaboration with Swedish index provider Vinter.

“Staking is a long-standing feature of the blockchain ecosystem that allows crypto holders to earn rewards in exchange for locking up their assets,” said Arthur Krause, director of ETP Product at 21.co, the parent company of 21Shares. 

The ETP comes as cryptocurrencies are seeing a mild recovery in pricing after plummeting from Nov. 2021 highs. 21Shares already offers the 21Shares Solana Staking ETP and the 21Shares Tezos Staking ETP. Other European issuers offer ETPs that track PoS coins but not an index. CoinShares offers a physical staked Cardano ETP.

The 21Shares Staking Basket Index ETP is available today for trading on the BX Swiss exchange. The index will rebalance on a semi-annual basis in March and September to reflect market shifts.

21.co raised $25 million at a $2 billion valuation in a funding round led by Marshall Wace in September.