21Shares says the crypto ETF market is moving beyond simple price tracking as investor demand changes across regions and products. Duncan Moir, president of 21Shares, told Cointelegraph that the firm sees active crypto ETFs and more complex crypto ETPs as the next step for the sector.
Moir said crypto is still a young asset class. As a result, he said active management can play a bigger role than it does in more established markets. He said 21Shares uses bottom up research on individual assets and combines it with quantitative and discretionary top down strategies to manage risk and build portfolios.
He also said the company has expanded its trading and portfolio management teams to support these products.
“We’ve had to hire and build out the team with people who have different trading and portfolio management expertise, but now we have a solid team and we think we’ll be able to deliver strong actively managed products,”
Moir said.
Active crypto ETFs push 21Shares beyond passive products
The shift comes as active funds continue to grow in traditional finance. Data from Morningstar and Goldman Sachs Asset Management showed that active ETFs held nearly $1.8 trillion in assets at the end of 2025. That broader trend is now shaping the crypto ETF market as issuers look for new ways to package digital asset exposure.
At the same time, crypto ETPs and ETFs are becoming more varied. Issuers are no longer focused only on spot products that follow the price of Bitcoin or Ether. Instead, they are adding structures tied to yield, portfolio strategy, and thematic exposure.
Moir said 21Shares reviews new product ideas based on three factors. These are internal research, client demand, and wider market trends. He said this process can lead to either niche single asset products or broader thematic offerings, depending on the firm’s level of conviction.
Duncan Moir says US crypto ETFs and Europe crypto ETPs show different demand
Moir said demand for US crypto ETFs and Europe crypto ETPs is not the same. In the United States, he said investor interest is still focused on larger assets. That means most demand remains centered on Bitcoin and Ether products.
In Europe, however, institutional investors are looking further across the market. Moir said these clients are showing more interest in newer assets and in projects built beyond base blockchain networks. He linked that difference to the region’s more mature investor base.
“The interest is still concentrated in the larger coins in the US. In Europe, institutional clients are more interested in newer assets and the application layer beyond the layer 1s,”
Moir said. He added that many institutions in Europe already hold Bitcoin and Ether, so they are now exploring broader crypto allocations.
Staking ETFs and new crypto ETPs expand the crypto ETF market
As the crypto ETF market develops, issuers are also adding staking features. Staking lets investors earn yield by locking crypto assets to support blockchain networks. This has become one of the key ways that crypto ETPs are moving beyond passive exposure.
In October, Grayscale introduced staking across its ETPs. That made its Ether funds the first US listed spot crypto ETFs to offer staking rewards. The company also extended the feature to its Solana trust, pending ETP approval.
Then in March, BlackRock launched a Nasdaq listed Ethereum product that includes staking. The fund recorded $15.5 million in first day trading volume. These launches show that staking ETFs and similar products are taking a larger role in both the US and European product pipeline.
21Shares links product growth to FalconX and new market strategies
Moir also said FalconX, which acquired 21Shares in October, is expected to help speed up product development. He said that integration should support the company as it moves into more complex offerings. That matters because firms in the crypto ETF market are now competing on strategy and structure, not only on basic asset exposure.
He also pointed to a recently launched Europe crypto ETPs product linked to Strategy’s preferred stock, STRC. The product gives investors exposure to a high yield instrument tied to the company’s Bitcoin focused capital strategy. According to Moir, that product has seen early demand from several regions.
Moir said the demand reflects investor interest in yield generating products that are easier to access through traditional brokerage platforms. He also pointed to the firm’s Bitcoin and gold ETP, which has been live for four years and was recently cross listed in London. He said the product has produced some of the strongest risk adjusted returns among European ETPs. He added that the mix works from a portfolio view because it gives exposure to both Bitcoin and gold without relying on one asset alone.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: March 25, 2026 • 🕓 Last updated: March 25, 2026
