21Shares president Duncan Moir says actively managed exchange-traded products represent the next phase of crypto investing. Speaking in an exclusive interview, Moir argued that because crypto remains a nascent and growing asset class, it is particularly well suited to active management strategies. The company combines bottom-up research on individual assets with both quantitative and discretionary top-down approaches to manage risk and position portfolios. 21Shares has been expanding its portfolio management and trading teams to support these more sophisticated offerings.
Active ETFs globally held nearly $1.8 trillion in assets at the end of 2025, according to data compiled by Morningstar and Goldman Sachs Asset Management. Moir noted that the integration with FalconX, which acquired 21Shares in October, is expected to accelerate product development as the firm moves into more complex structures. The partnership is seen as a key enabler for scaling the business and broadening its product range.
Demand for crypto exchange-traded products varies considerably by region, Moir explained. He attributed this divergence to a more mature investor base in Europe, where institutions already holding Bitcoin and Ether are increasingly seeking to expand their crypto allocations. In contrast, other markets are still at earlier stages of institutional adoption, creating different product priorities across geographies.
Against that backdrop, 21Shares recently launched an exchange-traded product in Europe linked to Strategy‘s preferred stock (STRC), providing exposure to a high-yield instrument tied to the company’s Bitcoin-focused capital strategy. Moir said the product has seen strong early demand across multiple regions, reflecting investor appetite for yield-generating assets that are accessible through traditional brokerage platforms. The launch illustrates a broader industry shift away from straightforward price-tracking funds toward instruments that offer additional return potential.
Staking is one area gaining notable traction as the market evolves. The process allows investors to earn yield by locking up crypto assets to help secure blockchain networks. In October, Grayscale introduced staking across its ETPs, making its Ether funds the first US-listed spot crypto ETFs to offer staking rewards, while also extending the feature to its Solana trust pending ETP approval.
In March, asset manager BlackRock launched a Nasdaq-listed Ethereum product that incorporates staking, combining spot Ether exposure with yield generation. The fund recorded $15.5 million in trading volume on its first day of trading. These launches signal a wider industry move toward products that blend market exposure with income-generating features.
When evaluating potential new product launches, Moir said 21Shares applies three criteria: internal research, client demand, and broader market trends. The firm’s research team identifies early opportunities, while institutional feedback helps gauge investor interest. Depending on the level of conviction, this process can result in either niche single-asset products or broader thematic offerings.
Moir pointed to the company’s Bitcoin-and-gold ETP as a practical example of this framework. The product, recently cross-listed in London, has been live for four years and has delivered some of the strongest risk-adjusted returns among European ETPs, according to Moir. He described the combination of Bitcoin and gold as offering clear diversification benefits from a portfolio construction perspective.
Originally reported by CoinTelegraph.
