New York-based exchange-traded product sponsor WisdomTree has announced that its Solana, Cardano and Polkadot exchange-traded products were listed in France and the Netherlands earlier today.
The two ETPs have started trading on Euronext exchanges located in Amsterdam and Paris.
The products boast a total expense ratio (TER) of just 0.95%. It measures the total costs associated with operating a certain investment fund.
According to Eric Balchunas, Bloomberg's senior ETF analyst, the offering is poised to severely undercut Switzerland-based crypto ETP issuer 21Shares, which charges its investors a 2.5% management fee.
Earlier this week, the Solana, Cardano and Polkadot ETPs were also launched on Zurich-based SIX Swiss Exchange and Frankfurt-based Xetra.
Cryptocurrency ETPs provide investors with exposure to a slew of cryptocurrencies in a secure and cost-efficient manner. Such products are typically popular in Europe, where regulators have shown a willingness to list such products. As reported by U.Today, 21Shares recently launched ETPs for such exotic cryptocurrencies as Decentraland (MANA) and Aave (AAVE).
Crypto investment firms are getting more creative. Earlier this month, Bloomberg reported that CoinShares had joined forces with crypto exchange FTX in order to launch a Solana-based ETP that would offer staking rewards in order to reduce management costs for investors.
Alex DovbnyaNo Bitcoin ETF in the U.S.
While there is already stiff competition among ETP issuers that offer exposure to esoteric altcoins, the U.S. Securities and Exchange Commission is yet to greenlight a physically backed Bitcoin exchange-traded fund.
Leading cryptocurrency asset management Grayscale Investments, which is vying to be the first to launch a spot-based Bitcoin ETF, recently warned that its quest to launch such a product could result in a lawsuit against the formidable regulator.
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Arman Shirinyan
Dan Burgin
Vladislav Sopov