CoinShares launches Toncoin ETP on SIX Exchange as Toncoin’s market cap falls below $6B amid a 59% decline this year.
CoinShares, a leading European crypto asset manager, has launched an exchange-traded product (ETP) for Toncoin. This move comes despite a significant decline in the value of Toncoin, which has dropped nearly 60% year-to-date.
The new ETP offers a way for investors to gain exposure to Toncoin while benefiting from staking rewards.
CoinShares Launches Toncoin ETP Amid Market Challenges
CoinShares has introduced CoinShares Physical Staked Toncoin (CTON), an ETP that trades on the SIX Swiss Exchange. This product provides investors with an opportunity to access Toncoin and earn staking rewards.
The ETP offers a 2% yield generated from network validation rewards.
Toncoin is the native asset of The Open Network (TON), which is closely integrated with Telegram. Despite its technical strength, Toncoin has faced a decline in market value this year.
The token’s market cap has fallen to $5.7 billion, reflecting a sharp drop from previous highs.
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While the Toncoin ETP offers new exposure for investors, the token’s current struggles in the market may affect its appeal. CoinShares, however, remains confident in the long-term potential of the token due to its strong association with Telegram.
Toncoin Faces Challenges as Market Cap Declines
Toncoin’s price has been significantly impacted this year, with a 59% drop in its market cap.
At the time of publication, Toncoin was trading at approximately $2.30. Despite this, Toncoin has a solid foundation, with its blockchain capable of handling over 100,000 transactions per second.
The token’s decline raises questions about its future growth, particularly as it competes in a crowded market. Telegram’s large user base, however, could help Toncoin in the long term if adoption continues to grow. But, for now, the market remains cautious about its potential.
Despite the challenges, Toncoin saw a small price increase of 5% following the announcement of the ETP. Still, the token’s overall performance has been subdued, with many investors hesitant to commit.
Expanding CoinShares’ Crypto Investment Products
CoinShares’ introduction of the Toncoin ETP is part of a broader strategy to diversify its product range.
In addition to the Toncoin product, CoinShares has also launched the CoinShares Altcoins ETF (DIME) in the U.S. This fund provides exposure to other altcoins like Solana, Polkadot, and Cardano.
These new offerings aim to bring crypto investment products to a broader audience.
By including Toncoin and other altcoins, CoinShares is expanding its influence in the growing crypto market. This also positions CoinShares to meet the needs of both retail and institutional investors.
Despite the current challenges facing Toncoin, CoinShares is betting on its long-term potential. The launch of these ETPs is a sign that institutional interest in crypto assets continues to grow, with more products expected in the future.
