21Shares, the Switzerland-based provider of cryptocurrency exchange-traded products (ETPs), has recorded a 100% growth in assets under management over the past two weeks.
It has been reported that the company has passed the $1 billion mark in assets under management across its diversified 12 crypto-asset ETPs.
Hany Rashwan, the CEO of 21Shares, said that the company has seen a meteoric rise in its crypto ETP products recently, doubling its AUM in less than two weeks.
21Shares' Binance Coin ETP makes up the lions share of its total assets under management. https://t.co/Fvc1bdQoPe — Cointelegraph (@Cointelegraph) February 22, 2021
However, the company previously announced that 21Shares broke $500 million in AUM on February 8.
The report said that the massive surge in 21Shares’ crypto ETP business is mainly attributed to the rapid adoption of crypto by institutional investors and the products’ availability on regulated European exchanges.
Rashwan said that institutional investors are able to invest in 21Shares’ crypto ETPs by using the International Securities Identification Number (ISIN), which is a global standard used to identify specific securities such as bonds, stocks, derivatives and others.
“With such institutional demand wanting to gain exposure to crypto via an ISIN, it took us less than two weeks from announcing $500 million in AUM to now exceeding $1 billion. It is rapidly becoming judicious for many wealth managers, private banks, family offices and individuals to allocate to crypto assets.”
Likewise, according to a product breakdown chart in the announcement, the biggest part of 21Shares’ total AUM came from 21Shares Binance BNB ETP (ABNB), an ETP tracking the investment results of Binance Coin (BNB).
BNB’s dominant share in the total AUM comes amid Binance Coin’s recent surge, which saw it become the world’s third-largest cryptocurrency.
Thus, according to official records on the 21Shares website, ABNB was apparently still behind 21Shares’ Bitcoin ETP, or ABTC, with AUM amounting to around $214 million, while ABTC AUM stood at $272 million.