On Tuesday, the fund manager Wisdomtree announced the launch of three crypto asset exchange-traded products (ETPs). The ETPs are associated with the cryptocurrency networks Solana, Cardano, and Polkadot and the new crypto investment products are currently listed on Börse Xetra, SIX, and the Swiss Stock Exchange.
Wisdomtree launches exchange-traded products Cardano, Solana and Polkadot
Wisdomtree announced the launch of three new digital currency exchange (ETP) products and the products are physically backed by cryptocurrency. Wisdomtree revealed on Tuesday that the new funds will include Wisdomtree Solana (SOLW), Wisdomtree Cardano (ADAW) and Wisdomtree Polkadot (DOTW). These three digital currencies are currently positioned in the top 20 largest crypto market caps today.
The fund manager further disclosed that the three crypto ETPs will list on Euronext exchanges in Amsterdam and Paris on March 31. “The ETPs have a total expense ratio (TER) of 0.95%, currently the lowest fees for ETPs providing access to these altcoins in Europe, and are passported for sale across the European Union,” Wisdomtree’s announcement explains. The fund manager’s ETP launch announcement adds:
ETPs are designed to provide investors with an easy, safe and profitable way to gain exposure to the price of solana, cardano and polkadot. Investors can also gain exposure to these crypto assets through the diversified ETPs in Wisdomtree’s crypto asset basket.
Wisdomtree’s Jason Guthrie: ‘Crypto Assets Need to Be Liquid Enough for Institutional Use’
There’s been a lot of crypto ETPs launched during the last few years as interest and demand for digital asset investment vehicles has grown significantly. There are a number of crypto exchange-traded products from firms like Amun AG, Ficas, Van Eck, and Grayscale.
“We want to offer investors a range of exposure to crypto assets, whether through diversified baskets or single trackers,” said Jason Guthrie, head of digital assets at Wisdomtree Europe. “A key part of our approach is to launch strategies that will resonate with institutional investors.”
The Wisdomtree executive added:
These need to be crypto assets which are liquid enough for institutional use, are supported by the ETP market participants and have clear use cases. As the crypto asset market evolves, so [too] will the ETP ecosystem which is needed for more institutional adoption. We will continue to enhance and expand our product range, supporting investors on their journey into crypto assets.
Over the past week, the solana (SOL) is up 25.5% against the US dollar and the cardano (ADA) is up 33%. Polkadot (DOT) also rose in value last week, rising 19.9% over the past seven days. In terms of smart contract platform coins by market capitalization, cardano is the third largest with a market valuation of $39.3 billion. SOL is the fifth largest smart contract platform by market capitalization and DOT is in the seventh position today.
