21Shares Launches First U.S. Multi-Crypto ’40 Act ETFs
Swiss digital asset manager 21Shares has introduced its first U.S. ETFs tracking multiple cryptocurrencies. The funds include assets like Ethereum, Solana, and Dogecoin. These ETFs use the Investment Company Act of 1940, providing a regulated and tax-efficient option for professional investors.
The new ETFs were launched in partnership with Teucrium Trading, a firm familiar with the ’40 Act structure. Unlike previous U.S. multi-coin crypto ETFs, which followed the riskier ’33 Act, 21Shares’ funds represent the first use of the ’40 Act for a multi-coin crypto product.
Details on the New Crypto ETFs
21Shares introduced two ETFs: the FTSE Crypto 10 Index ETF (TTOP.P) and the 21Shares FTSE Crypto 10 ex-Bitcoin Index ETF (TXBC.P). Their expense ratios are 0.5% and 0.65%, respectively. Instead of direct cryptocurrency ownership, the ETFs gain exposure via 21Shares’ European-listed exchange-traded products.
Duncan Moir, president of 21Shares, highlighted the benefits of ’40 Act funds. He said these funds offer superior tax treatment and are considered the gold standard for professional investors. Moir noted that multi-coin ETFs appeal more to financial advisors and professionals, given uncertainty about which cryptocurrencies will succeed.
He also pointed out the current volatile market environment, with Bitcoin recently falling below $100,000. Despite this, 21Shares anticipates steady growth as professional investors show more interest in multi-coin crypto products.
Current Landscape of Multi-Coin Crypto ETFs
Before this launch, only two multi-coin crypto ETFs existed in the U.S., both structured under the ’33 Act. Grayscale Investments converted its private fund into a public product with Bitcoin, Ethereum, Solana, XRP, and Cardano. Hashdex’s Nasdaq Crypto Index ETF also includes a mix of altcoins. In October 2025, T. Rowe Price filed to launch a crypto index fund.
21Shares’ new ETFs are the first multi-coin crypto ETFs in the U.S. regulated under the ’40 Act. This status provides investors with a more professional and regulated way to access diversified cryptocurrency exposure.
