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21Shares Enhances Crypto ETP Pricing with FTSE Partnership
Key Takeaways:
- 21Shares AG updates the pricing methodology for its btc-42">Bitcoin and Ethereum-linked ETPs on the London Stock Exchange.
- Effective March 26, 2026, FTSE International Limited steps in as an additional index administrator.
- Transition to FTSE Bitcoin and Ethereum Indices promises more reliable and standardized pricing.
- Institutional interest in digital assets drives the need for diversified, high-quality index providers.
- Despite changes, other product details and regulatory listings remain intact.
WEEX Crypto News, 2026-03-16 15:24:06
FTSE’s Role in 21Shares’ ETP Pricing Overhaul
FTSE International Limited will administer the new indices starting March 26, 2026, for 21Shares’ Bitcoin and Ethereum-linked ETPs. These investment vehicles, traded on the London Stock Exchange, are switching their reference prices to the FTSE Bitcoin Index (1HR 1700 CET) and FTSE Ethereum Index (1HR 1700 CET) from the existing CCIX indices. This shift represents a significant move towards utilizing institutional-grade benchmarks, ensuring that the products offer reliable and precise crypto exposure through vetted data channels.
Transition to FTSE Indices and Its Impact
The adoption of FTSE Bitcoin and Ethereum indices will apply a “1HR 1700 CET” methodology to establish prices, using a one-hour lookback to fix values at 17:00 CET. By leveraging FTSE Russell’s established framework (part of the London Stock Exchange Group), the ETPs align themselves with a tried-and-tested standard, boosting transparency and investor confidence amid surging interest in digital assets across institutional platforms. The existing framework continues to keep fees, structure, and UK FCA listings unaltered.
Expanded Institutional Interest and Market Implications
Global crypto ETP inflows turned positive in February 2026 after an extended negative streak. 21Shares AG and its partners have responded by enhancing their offerings to better meet evolving market demands. Institutional players increasingly focus on high-quality indices to ensure that market performance measures offer accurate returns and risk assessments. By doing so, 21Shares mirrors broader trends, emphasizing transparency and durable pricing mechanisms.
Future Prospects in Crypto Product Development
Financial heavyweights extend their association with crypto products as digital assets continue integrating into mainstream portfolios. This move by 21Shares and FTSE heralds an era where digital asset markets are underpinned by robust indices, crucial for maintaining wider order book liquidity and reducing slippage risks. As Wall Street and billionaire investors intensify interest, precision in pricing methods becomes paramount in promoting predictable exposure to market trends.
Remaining Attributes of 21Shares’ ETP Offerings
While 21Shares’ strategic recalibration aims at fortified pricing dynamics, the essential features of its products—and the regulatory environment in which they operate—remain consistent. These ETPs will neither alter their structural nor regulatory aspects. The transparency and reliability driven by the upgraded pricing models align with an industry-wide push toward enhanced investor protections without altering fundamental attributes.
Introducing Strategy Yield ETP to Expand Reach
In related developments, Duncan Moir of 21Shares and Austin Reid from FalconXGlobal introduced the Strategy Yield ETP in Europe, marking a significant step into the one-to-one exchange-traded product arena on Euronext Amsterdam. This launch underlines the growing appeal and expansion of sophisticated financial products across broader geographies, demonstrating the strategic partnerships fostering global reach.
Conclusion: Strengthened Offerings Amid Emerging Trends
21Shares’ decision to partner with FTSE underscores the need for innovative and reliability-focused market instruments, reflecting investor needs in the evolving digital asset landscape. The systematic engagement with credible index administrators signifies a decisive step towards building trust, pivotal for navigating highly volatile markets, maintaining investor confidence, and fostering sustained interest across asset classes.
FAQ Section
How will the change to FTSE indices enhance the reliability of 21Shares’ ETPs?
Swapping to FTSE indices brings a consistent methodology with institutional benchmarks, reducing data discrepancies and offering a uniform pricing perspective, thus enhancing reliability and market trust.
What does the “1HR 1700 CET” methodology entail?
The “1HR 1700 CET” method involves calculating index prices using a one-hour lookback fixed at 17:00 CET. This ensures verified and vetted pricing, crucial for market integrity.
Why is there increasing institutional interest in crypto ETPs?
Heightened institutional interest is driven by the demand for diversified portfolios, ensuring reduced volatility, along with the maturation of crypto markets permitting reliable benchmarks for financial planning.
What is the significance of the Strategy Yield ETP on Euronext Amsterdam?
The Strategy Yield ETP creates a new pathway for investors in Europe, showcasing the adaptability and growth of ETP products within diverse financial ecosystems, providing tailored investment opportunities.
Are there any changes to the fees or regulatory aspects of 21Shares’ existing ETPs?
No, all existing fees, structural attributes, and adherence to UK Financial Conduct Authority regulations remain unchanged alongside the new pricing updates.
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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