21Shares, one of the world's largest cryptocurrency exchange-traded product issuers with approximately $8 billion in assets under management, has cross-listed six additional products on Nasdaq Stockholm, significantly expanding its presence in the Nordic region where investor appetite for regulated digital asset exposure continues to build.
The new listings announced Thursday include the 21Shares Aave ETP (AAVE), 21Shares Cardano ETP (AADA), 21Shares Chainlink ETP (LINK), 21Shares Polkadot ETP (ADOT), and two diversified crypto basket products: the 21Shares Crypto Basket Index ETP (HODL) and 21Shares Crypto Basket 10 Core ETP (HODLX). The expansion brings the firm's total offerings on Nasdaq Stockholm to 16 products spanning large-cap cryptocurrencies, staking strategies, and thematic index products.
All 21Shares ETPs are fully collateralized and 100% physically backed by the underlying assets, providing institutional-grade access to digital currencies without requiring investors to manage direct custody or crypto wallets. Assets are held in cold storage by institutional custodians, offering security levels that generally exceed what individual investors can achieve independently.
Strong Nordic Demand Drives Expansion
"We continue to see strong demand from Nordic investors seeking diversified, cost-efficient access to digital assets through regulated exchanges," said Alistair Byas Perry, Head of EU Investments and Capital Markets at 21Shares. "This expansion enables us to offer an even broader toolkit of single-asset and index-based crypto ETPs, giving both retail and institutional investors the ability to tailor their digital asset exposure within a trusted and transparent framework."
The Nasdaq Stockholm listings represent just a portion of 21Shares' extensive European presence, which includes products traded on SIX Swiss Exchange, Deutsche Börse Xetra, Euronext Amsterdam, Euronext Paris, and the London Stock Exchange. This multi-exchange strategy allows the firm to meet investor demand across jurisdictions while navigating varying regulatory frameworks.
Following the announcement, the underlying tokens saw modest price increases, with Aave rising from approximately $175 to over $178, Chainlink moving from $13.60 toward $14, and Polkadot advancing from $2.70 to nearly $2.80.
US Solana ETF Launch Precedes European Expansion
The Nasdaq Stockholm expansion arrived one day after 21Shares launched its spot Solana ETF (TSOL) on the Cboe BZX Exchange, marking another milestone in the firm's growing US product lineup. The fund debuted with $100 million in initial assets and incorporates staking to enhance potential returns, charging a total expense ratio of just 0.21%.
The US launch builds on 21Shares' established track record, including the ARK 21Shares Bitcoin ETF (ARKB), launched in partnership with Cathie Wood's ARK Invest in January 2024, which now holds over $8 billion in assets under management. The firm also introduced the 21Shares Ethereum ETF (TETH) in July 2024.
21Shares has operated as a subsidiary of FalconX, one of the world's largest digital asset prime brokers, while maintaining independent operations. The firm listed the world's first physically-backed crypto ETP in 2018 and has built a seven-year track record of creating products on major global exchanges. According to CoinShares data, roughly half of 21Shares' global AUM is held in US crypto ETFs issued through its ARK partnership.
XRP ETFs Debut in Flood of New US Products
The European expansion coincides with a surge of new cryptocurrency fund launches in the United States. Canary Capital's spot XRP ETF (XRPC) debuted on Nasdaq on November 13 to record-breaking demand, posting $58 million in first-day trading volume, the highest for any ETF launched this year across more than 900 fund launches. The fund attracted approximately $245 million in net inflows on its opening day, making it the biggest ETF debut of 2025.
Additional XRP funds are following rapidly. Bitwise confirmed its spot XRP ETF began trading today on the New York Stock Exchange, while Grayscale's XRP fund is scheduled to launch Monday, November 24. Franklin Templeton and 21Shares are also expected to introduce XRP ETFs before month's end.
Bloomberg ETF analyst Eric Balchunas noted that XRP became the sixth asset to underpin a single-asset spot crypto ETF in the United States, following Bitcoin, Ether, Solana, Litecoin, and Hedera. The Canary XRP ETF has already accumulated nearly $300 million in assets since its launch less than one week ago.
Bitcoin ETFs Face Headwinds Despite Broader Optimism
While altcoin ETF launches generate enthusiasm, the flagship Bitcoin funds that ignited the current crypto ETF movement have struggled through a difficult stretch. BlackRock's iShares Bitcoin Trust (IBIT) recorded its largest single-day outflow since launching in January 2024, with $523.2 million leaving the fund on Tuesday.
The outflow extended IBIT's negative streak to five consecutive days and brought November redemptions from the fund alone to approximately $2.1 billion. Across all 11 US spot Bitcoin ETFs, monthly outflows have reached $2.96 billion, already making November the second-worst month for the products since their debut.
Year-to-date inflows into Bitcoin ETFs have dropped to roughly $27 billion, according to CoinShares data, approximately 30% below last year's total of $41.7 billion. The average purchase price across all spot Bitcoin ETF inflows since January 2024 is $90,146, according to Bianco Research head Jim Bianco, meaning the average buyer is now barely in profit with Bitcoin trading above $91,000.
Final thoughts
The simultaneous expansion of European crypto ETP offerings and the proliferation of US altcoin ETFs reflects a maturing market structure where regulated investment products increasingly serve as the primary on-ramp for both institutional and retail capital entering digital assets.
21Shares now manages approximately $8 billion in assets globally, accounting for roughly 4% of the total $191.5 billion in crypto ETFs issued worldwide. The firm's strategy of maintaining listings across multiple European exchanges while expanding US offerings positions it to capture flows regardless of which market segment sees the strongest demand.
For Nordic investors specifically, the new Nasdaq Stockholm listings eliminate the need to access products through foreign exchanges, reducing complexity and potentially lowering transaction costs. The physically-backed structure ensures investors gain actual exposure to underlying assets rather than derivatives or futures contracts that may not track spot prices precisely.
As regulatory frameworks like Europe's Markets in Crypto-Assets (MiCA) regulation provide clearer guidelines for digital asset products, issuers like 21Shares appear positioned to expand offerings further, meeting what company executives describe as consistently growing institutional demand for transparent, regulated cryptocurrency exposure through familiar market infrastructure.