21Shares extended its market reach with the launch of Anthropic’s synthetic exchange-traded product (ETP).
On the 13th of October, 21Shares announced the launch of the Anthropic synthetic ETP (CLAU). The product became Europe’s first ETP offering continuous, unleveraged exposure to the implied valuation of Anthropic ahead of its upcoming IPO.
How the 21Shares Anthropic ETP will work
The product uses a new 21Shares x FalconX structure to enable trading in private market valuations, like standard ETFs.
The ETP uses total return swaps (TRS) linked to the Kaiko Anthropic USD reference rate, which derives its daily reference price from Anthropic perpetual futures on Binance.
Instead of holding physical shares of the private AI company, the product tracks market-implied valuations through notes managed via FalconX’s prime brokerage platform.
What does this entry mean for the ETP sector?
Even with the Anthropic ETP launch, the sector has not picked up. Over the past 24 hours, for example, the tokenized ETP market cap dropped 6.2% to $595 million.
At the same time, trading volume dropped to $160 million, reflecting low market activity. Month-to-Date (MTD), the sector has recorded relatively weak performance, down 0.49%, and adding only $64 million in value.
With the recent addition of Anthropic, especially amid the current AI buzz, tokenized ETPs could turn things around.
For crypto ETPs, only the Bitcoin ETP has shown some strength, with CoinShares Bitcoin ETP reaching $1.7 billion. At the same time, the 21Shares ABTC is up 5.3% over the past 30 days but is still down MTD.
Crypto ETFs were no different in October
While October is historically associated with greater demand, ETFs have largely taken a step back.
On the October 7, for instance, Bitcoin ETFs saw $487 million in outflows, with the weekly session ending on October 9 seeing $681 million in outflows.
So far in October, Bitcoin ETF outflows have crossed $1.45 billion. Ethereum ETFs are no different, as they have continued to bleed.
ETH ETFs are on a three-week losing streak, recording $542 million in outflows as of October 9, the largest since January, and $60 million in outflows on October 13.
The rising outflows across ETFs and ETPs suggest that investors have significantly reduced their exposure. Historically, this has resulted in extended poor performance for the assets.
If these fund performances continue at this rate, an Uptober rally is unlikely to materialize.
Final Summary
- 21Shares announced the launch of the Anthropic synthetic ETP, offering continuous, unleveraged exposure to Anthropic’s implied valuation ahead of its upcoming IPO.
- The tokenized ETPs’ market value plunged 0.46% MTD, while Crypto ETFs saw outflows continue.
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