Key Takeaways
- • 21shares launched its first US-listed crypto index ETFs under the Investment Company Act of 1940 ('40 Act), a structure the firm says offers a tax treatment advantage and is the gold standard for professional investors, according to president Duncan Moir.
- • The two funds, the FTSE Crypto 10 Index ETF (TTOP.P) and the 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC.P), carry fees of 0.5% and 0.65% respectively, with the ex-BTC fund excluding bitcoin.
- • The ETFs gain exposure indirectly by investing in 21shares' own European-listed exchange-traded products, and were launched in partnership with Teucrium Trading.
- • Moir expects slower uptake than the spot bitcoin ETFs, with financial advisers rather than retail investors likely to adopt index products first.
- • The launch arrives amid volatility, with bitcoin briefly falling below $100,000 earlier in November for the first time since June.
Summary
Swiss-based digital asset manager 21shares launched its first exchange-traded funds tracking a basket of cryptocurrencies for US investors on Thursday, November 13, 2025, according to Reuters. The funds include the FTSE Crypto 10 Index ETF (TTOP.P), which includes bitcoin, ethereum, solana and dogecoin among its constituents, and the 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC.P), which excludes bitcoin. Fees are 0.5% and 0.65%, respectively.
The launch marks a step by issuers beyond single-coin spot crypto ETFs into index products. 21shares is the first to bring such a product under the Investment Company Act of 1940. Most crypto vehicles have launched as 1933 Act funds, a structure designed for riskier assets and underlying arrangements such as commodity pools. Duncan Moir, president of 21shares, said there is a difference in tax treatment and that for professional investors '40 Act funds are the gold standard.
The funds were launched in partnership with Teucrium Trading, which has used the '40 Act structure for other commodity-linked funds. Because the '40 Act vehicles gain exposure indirectly through other publicly traded securities, 21shares will invest in its own exchange-traded products listed in Europe.
Moir expects uptake of multi-coin crypto funds to be slower than the growth seen in spot bitcoin ETFs after their January 2024 launch. He said single-coin products tend to be dominated by retail investors, while index products are likely to be adopted first by financial advisers and other professionals who recognize that no one yet knows which cryptocurrencies will be the eventual winners. He described the market as volatile; bitcoin briefly fell below $100,000 earlier this month for the first time since June amid rising risk aversion and profit-taking.
Prior to 21shares, two other multi-coin index crypto ETFs have launched, both under the 1933 Act. In late September, Grayscale Investments converted its Grayscale Digital Large Cap Fund (GDLC.P) into an exchange-traded vehicle with capitalization-weighted exposure to bitcoin, ethereum, solana, XRP and cardano. Hashdex's Nasdaq Crypto Index ETF was the earlier multi-coin fund to include altcoins. T. Rowe Price has also filed to launch a crypto index fund, and Bitwise Asset Management is awaiting US regulatory approval to convert its 10-coin fund into an ETF.
The launch marks a step by issuers beyond single-coin spot crypto ETFs into index products. 21shares is the first to bring such a product under the Investment Company Act of 1940. Most crypto vehicles have launched as 1933 Act funds, a structure designed for riskier assets and underlying arrangements such as commodity pools. Duncan Moir, president of 21shares, said there is a difference in tax treatment and that for professional investors '40 Act funds are the gold standard.
The funds were launched in partnership with Teucrium Trading, which has used the '40 Act structure for other commodity-linked funds. Because the '40 Act vehicles gain exposure indirectly through other publicly traded securities, 21shares will invest in its own exchange-traded products listed in Europe.
Moir expects uptake of multi-coin crypto funds to be slower than the growth seen in spot bitcoin ETFs after their January 2024 launch. He said single-coin products tend to be dominated by retail investors, while index products are likely to be adopted first by financial advisers and other professionals who recognize that no one yet knows which cryptocurrencies will be the eventual winners. He described the market as volatile; bitcoin briefly fell below $100,000 earlier this month for the first time since June amid rising risk aversion and profit-taking.
Prior to 21shares, two other multi-coin index crypto ETFs have launched, both under the 1933 Act. In late September, Grayscale Investments converted its Grayscale Digital Large Cap Fund (GDLC.P) into an exchange-traded vehicle with capitalization-weighted exposure to bitcoin, ethereum, solana, XRP and cardano. Hashdex's Nasdaq Crypto Index ETF was the earlier multi-coin fund to include altcoins. T. Rowe Price has also filed to launch a crypto index fund, and Bitwise Asset Management is awaiting US regulatory approval to convert its 10-coin fund into an ETF.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.