Despite the sharp decline in the Toncoin (TON) market, European crypto asset manager CoinShares is reinforcing its commitment to this asset by launching a specific exchange-traded product (ETP) for staking.
The new product, the CoinShares Physical Staked Toncoin (CTON), began trading on the Swiss SIX Exchange on Tuesday. It offers investors a simplified way to gain exposure to Toncoin, while automatically earning a 2% return on staking from network validation rewards, and can be traded in US dollars.
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This launch comes as TON's market capitalization has plummeted 59% so far this year, falling to approximately $5.7 billion.
In its announcement, CoinShares positioned the move as a bet on TON's long-term potential.
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The staking ETP is CoinShares' second product to feature Toncoin this month, signaling a focused strategy. In early October, the company launched the CoinShares Altcoins ETF (DIME) in the United States.