21Shares Launches dYdX ETP, Expands Crypto ETPs to 48

Published: 2025-09-12 15:05:44 |

Swiss issuer 21Shares has launched the dYdX ETP (ticker: DYDX) on Euronext Paris and Amsterdam, expanding its European crypto ETP lineup to 48 products with $11 billion in assets under management. The physically backed dYdX ETP provides institutional-grade exposure to dYdX’s decentralized perpetual futures market, using on-chain collateral managed by the dYdX Treasury subDAO. 21Shares also plans to roll out staking for the dYdX ETP with auto-compounding rewards following the listing. On the protocol side, dYdX has recorded over $1.5 trillion in cumulative trading volume across more than 230 perpetual markets, including $7.7 billion processed in July and 15,000 weekly active traders. The protocol is also adding Telegram-based trading, Solana-listed spot markets, equity and index-linked perpetuals, as well as fee discounts for stakers and expanded fiat and stablecoin deposit options. Earlier this year, 21Shares filed for spot SUI and ONDO ETFs in the US, highlighting its strategy to broaden institutional access to regulated crypto derivatives. The dYdX ETP launch coincides with a wider industry push: Kraken’s acquisition of NinjaTrader to build its CFTC-regulated futures offering, Cboe’s pending approval for up to 10-year bitcoin and ether continuous futures, and Bitget’s $750 billion monthly derivative volumes, as total open interest in crypto derivatives approaches $1 trillion.

Bullish

The launch of the dYdX ETP by 21Shares is a clear signal of growing institutional demand for DYDX token exposure in regulated markets. By listing on major European exchanges and backing the ETP with on-chain collateral, 21Shares lowers entry barriers and boosts liquidity for DYDX. Planned staking with auto-compounding rewards adds further incentive for long-term holding. Coupled with dYdX’s robust metrics—over $1.5 trillion cumulative volume, $7.7 billion in July trading, and 15,000 weekly active users—this development is likely to drive additional buying pressure on DYDX in both the short and long term. Broader industry moves by Kraken, Cboe and Bitget reinforce positive market sentiment around regulated derivatives, underpinning a bullish outlook for DYDX.