Core Insights - 21Shares AG has announced a fee reduction for its Core Bitcoin ETP (CBTC) and Core Ethereum ETP (ETHC) to 10 basis points (0.10%), down from 0.21%, effective October 1, 2025, making them among the lowest-cost options for accessing Bitcoin and Ethereum in Europe [1][9] - This fee waiver will last for 12 months, reinforcing 21Shares' commitment to providing cost-effective investment solutions [1][3] Company Positioning - 21Shares has surpassed 50 listed crypto ETPs in Europe, solidifying its status as the issuer with the most diverse range of physically backed crypto investment products [2] - The company has also achieved over $11 billion in assets under management (AUM) globally, indicating strong market presence and investor confidence [2] Product Strategy - The Core series aims to offer investors efficient access to Bitcoin and Ethereum, with the recent fee reduction aligning with the company's mission to enhance access to digital assets through regulated investment vehicles [3][4] - 21Shares' products have maintained tight spreads throughout 2025, ensuring efficient execution for investors alongside reduced fees [3] Leadership Perspective - Mandy Chiu, Head of Financial Product Development at 21Shares, emphasized that the fee reduction makes it easier for European investors to include foundational crypto assets in their portfolios through a regulated ETP structure [4]

Core Viewpoint - 21Shares supports the FCA's proposal to lift the ban on cETNs for retail clients but calls for a more inclusive and innovation-friendly regulatory framework that aligns with international best practices [2][6]. Group 1: Regulatory Concerns - The proposed framework is seen as overly restrictive, limiting retail access to cETNs only listed on UK RIEs and ignoring equivalent products on overseas regulated venues [6]. - There is a concentration risk as the framework may centralize power with the London Stock Exchange, which currently only admits Bitcoin and Ethereum, potentially pushing retail investors towards unregulated alternatives [6]. - 21Shares argues against classifying cETNs as Restricted Mass Market Investments (RMMIs), as they already meet robust listing and disclosure standards, and such classification could reduce liquidity and hamper innovation [6]. Group 2: Recommendations - 21Shares recommends recognizing regulated cETNs from overseas exchanges to enhance investor choice [6]. - The company advocates for a transparent eligibility framework for a broader range of cryptoassets to be used as underlyings for cETNs [6]. - It is suggested that cETNs should be treated as Readily Realisable Securities (RRS) rather than RMMIs to promote better market conditions [6]. Group 3: Company Background - 21Shares is a leading provider of cryptocurrency exchange-traded products, offering the largest suite of crypto ETPs in the market [4]. - The company aims to bridge the gap between traditional finance and decentralized finance, having launched the world's first physically-backed crypto ETP in 2018 [4]. - Backed by a specialized research team and deep capital markets expertise, 21Shares focuses on delivering innovative and cost-efficient investment solutions [4].