21Shares launches $2.3 billion Cronos token ETP in Europe

Swiss asset manager 21Shares has introduced a new exchange-traded product (ETP) on Euronext’s Paris and Amsterdam exchanges, offering investors regulated exposure to Crypto.com’s Cronos (CRYPTO:CRO) token.

Cronos is a layer-1 blockchain network affiliated with the centralised exchange Crypto.com, designed to support decentralised finance (DeFi), non-fungible tokens (NFTs), and Web3 applications by integrating with Ethereum and Cosmos ecosystems.

The CRO token currently holds a market capitalisation of approximately $2.3 billion and a fully diluted valuation near $8.7 billion, according to CoinMarketCap data.

21Shares stated that the ETP provides a simplified way for investors to add CRO to their portfolios through traditional financial channels without needing to manage digital wallets or exchanges.

“By launching a Cronos ETP, we are offering investors regulated exposure to a blockchain ecosystem that is driving real-world adoption,” said Mandy Chiu, head of financial products development at 21Shares.

The Cronos network’s total value locked (TVL) stands at around $400 million, with Crypto.com’s liquid Ether staking token, Staked ETH, accounting for nearly $64 million of that amount, according to DeFiLlama.

This launch follows a recent trend of asset managers seeking to list cryptocurrency ETFs and ETPs tied to tokens affiliated with major centralised exchanges.

For instance, VanEck filed on May 5 to list a US ETF holding Binance’s BNB (CRYPTO:BNB) token, marking the first proposed ETF of its kind in the United States.

21Shares has also proposed ETFs for cryptocurrencies such as Dogecoin (CRYPTO:DOGE), Polkadot (CRYPTO:DOT), and Solana (CRYPTO:SOL) in the US market.

The surge in filings for crypto ETFs and ETPs coincides with a regulatory shift following US President Donald Trump’s administration adopting a more accommodating stance toward digital assets.

At the time of reporting, the Cronos (CRO) price was $0.09189.