Switzerland-based investment product issuer 21Shares is launching two private funds designed for accredited US investors to gain exposure to crypto assets. The products will track the top and mid-tier cryptocurrencies available on US exchanges.

Enter the US market

According to the firm’s press release, the two products, 21Shares Crypto Basket 10 Index Fund and 21Shares Crypto Mid-Cap Index Fund, will respectively track the performance of the “Vinter 21Shares Crypto Basket 10 US Index,” comprised of the top 10 crypto assets by market capitalization and the “Vinter 21Shares Crypto Mid-Cap US Index”, which includes a basket of emerging mid-tier digital assets.

The two crypto exchange-traded products (ETPs) are the company’s first such investment products for US clients. arthur krauseChief Product Officer at 21Shares said that the new features will help potential crypto investors manage their investments without worrying about custody arrangements:

“Historically, the cumulative rate of return of the top dozen cryptocurrencies has vastly outperformed traditional indices like the S&P 500, Dow Jones Industrial Average, or Nasdaq Composite. Our two new index funds allow accredited investors to participate in crypto without taking on the responsibility of managing escrow agreements, tracking private keys and passwords, or being susceptible to hacking or security breaches.”

21Shares CEO Hany Rashwan considered the latest move into the US market as part of his global expansion plan, reportedly noting that recent market fluctuations have not changed his long-term strategy for crypto assets. He also clarified that the company’s interest in spot Bitcoin ETFs does not override its ongoing efforts in crypto ETPs.

Bitcoin ETFs launched in Australia

Early last year, the company partnered with ARK Investment Management to try and launch a spot Bitcoin ETF for US investors. However, the SEC officially rejected the proposal in April, a move understood as the main watchdog’s ongoing antagonism to greenlight a Bitcoin ETF.

However, earlier this month, the company successfully launched Bitcoin and Ethereum ETFs in Australia, which will track the price of BTC and ETH respectively in Australian dollars. The news came after Canadian watchdogs approved the country’s first Bitcoin exchange-traded fund last February, while Brazilian authorities followed suit a few months later.

At the time, Rashwan said that 21Shares could provide similar funds with other underlying assets in the future.

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This post 21Shares Launches Two US Index Funds Tracking Major Cryptocurrencies

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