CoinShares launches Toncoin ETP as TON market cap dips below $6B
CoinShares launched a new physically staked Toncoin ETP, CTON, on the SIX exchange despite TON's market cap falling below $6 billion.Summary
European crypto asset manager CoinShares has launched a new exchange-traded product (ETP) providing exposure to Toncoin (TON), the native asset of The Open Network integrated with Telegram. The product, named CoinShares Physical Staked Toncoin (ticker: CTON), began trading on Switzerland's SIX exchange. This launch occurs while TON's market capitalization has significantly declined, dropping 59% year-to-date to $5.7 billion. CoinShares highlighted TON's potential, citing Telegram's 900+ million users and the blockchain's high performance. The new ETP will automatically generate yield from network validation rewards, offering a 2% staking yield, and trades in US dollars. This is not CoinShares' first inclusion of TON, as it is also part of their US-traded Altcoins ETF (DIME). Toncoin reacted modestly to the news, rising about 5% to $2.30.
(Source：Cointelegraph)