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 Cardano, Solana, and Polkadot Exchange-Traded Products
Wisdomtree has announced the launch of three new digital currency exchange traded products (ETPs) 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). All three of these digital currencies are currently positioned in the top 20 list of the largest crypto market capitalizations 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:
The ETPs are designed to offer investors a simple, secure and cost-efficient way to gain exposure to the price of solana, cardano and polkadot. Investors can also gain exposure to these crypto assets through Wisdomtree’s diversified crypto asset basket ETPs.
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 provide investors with a range of crypto asset exposures, whether that be through diversified baskets or single trackers,” Jason Guthrie, the head of digital assets from Wisdomtree Europe said. “A key component to our approach is launching strategies which 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.
During the last week, solana (SOL) has increased by 25.5% against the U.S. dollar and cardano (ADA) has risen by 33%. Polkadot (DOT) has also increased in value this past week, rising 19.9% during the last seven days. In terms of the top smart contract platform coins by market cap, cardano is the third-largest with a $39.3 billion market valuation. SOL is the fifth-largest smart contract platform coin by market cap and DOT commands the seventh position today.
What do you think about Wisdomtree’s newly launched crypto asset ETPs? Let us know what you think about this subject in the comments section below.
