Crypto index ETF debut: 21Shares launches FTSE Crypto 10 pair

On November 13, 2025, 21Shares launched the 21Shares FTSE Crypto 10 Index ETF (TTOP) and the 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC). These products are the first-ever crypto index ETFs registered under the Investment Company Act of 1940, integrating crypto exposure into the same framework as conventional ETFs.

These funds provide one-ticker exposure to the top 10 crypto assets, avoiding the need for manual wallet or key management. The portfolios focus on cryptocurrency leaders such as Bitcoin (store of value), Ethereum and Solana (smart contracts and DeFi), and Dogecoin (community-focused asset), rebalancing quarterly to reflect market changes.

Index products, like the S&P 500 or Nasdaq-100, have long served as a successful way for investors to gain diversified exposure in traditional financial markets. According to Federico Brokate, Global Head of Business Development at 21Shares, the same principle applies to crypto investing.

“Many of our clients have asked for a simple, regulated way to access the market as a whole rather than choosing individual tokens,” Brokate noted. With TTOP and TXBC, 21Shares offers a diversified, single-point access to leading cryptocurrencies, adapting to evolving market dynamics.

The 21Shares FTSE Crypto 10 Index ETF (TTOP) comes with a 0.50% management fee and tracks the FTSE Crypto 10 Select Index, a market-cap-weighted basket of the world’s 10 largest crypto assets. The weights adjust quarterly based on market cap changes.

In comparison, the 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC) has a 0.65% management fee, focusing on networks and tokens with real-world use cases, separate from Bitcoin. It follows the FTSE Crypto 10 ex Bitcoin Select Index, and provides a straightforward way to focus on blockchain applications and networks beyond Bitcoin. Methodology details can be found in FTSE Russell’s ground rules.

The indices for both ETFs were developed by FTSE Russell, a key partner in this venture. According to Fiona Bassett, CEO of FTSE Russell: “We are committed to delivering robust, rules-based indices that help investors navigate emerging asset classes with confidence.”

The launch of TTOP and TXBC also involved Teucrium, an ETF adviser specializing in alternative markets. Teucrium provides adviser and white-label platform services, enabling product development and distribution. The ETFs are available under the TTOP and TXBC ticker symbols, enlarging 21Shares’ regulated crypto ETF portfolio.

The launch of these funds marks a significant step in 21Shares’ ambitions in the U.S. market. As the first U.S. index funds under the '40 Act structure in this segment, the timing reflects the growing institutional demand for crypto investing.

Recently, 21Shares partnered with BlackRock IBIT to build a full-service digital assets platform, spanning brokerage, liquidity, investment management, lending, and structured products. FalconX’s prime brokerage further strengthens their reach across Latin America, North America, and Europe.

Founded in 2018, 21Shares is a leading crypto ETP issuer with a track record of launching innovative products, such as the world’s first physically backed crypto ETP. It operates as a subsidiary of FalconX, leveraging the parent company’s resources while maintaining independence.

Meanwhile, Teucrium specializes in ETFs for alternative markets, including cryptocurrencies and commodities. It provides ETF Solutions for fund launches and ongoing management, playing a key role in supporting innovative financial products like TTOP and TXBC.

The 21Shares FTSE Crypto 10 ETFs—TTOP and TXBC—offer U.S. investors a regulated, convenient way to gain adaptive crypto exposure. Packaged under the '40 Act framework, they provide clear management fees, quarterly rebalancing, and reliable benchmarks. By combining transparency with innovation, these ETFs aim to reshape digital asset investing for both individual and institutional participants.