By 21Shares, a leading provider of crypto exchange-traded products, has debuted the 21Shares Pendle ETP on the SIX Swiss Exchange.
While this launch has not resulted in an immediate flip in Pendle price, it is a signal of growing confidence and demand, and could see European investors get regulated access to Pendle’s token and decentralized finance ecosystem.
PENDLE traded around $3.10 on Friday, down 3.9% in the past 24 hours as bulls struggled.
21Shares adds Pendle ETP to European offering
On Oct. 24, 21Shares announced the launch of its Pendle ETP with ticker APEN.
The exchange-traded fund is now live on the SIX Swiss Exchange and will provide investors with a seamless, liquid avenue to gain exposure to Pendle through familiar channels like banks or brokers.
As one of the top interest rate derivatives protocols in DeFi, Pendle enables sophisticated yield strategies without the complexities of direct blockchain interaction.
Priced to mirror Pendle’s native token performance, APEN tracks the asset while offering the security and transparency of a Swiss-listed product.
What sets APEN apart is Pendle’s role as a foundational financial primitive driving explosive growth in onchain markets.
At its core, Pendle innovates by dissecting yield-bearing assets. These include assets such as staked Ethereum (stETH) and stablecoin yields.
Yield is more than a passive return as Pendle makes these dynamic, tradable commodities.
“Pendle’s breakthrough is its ability to split yield-bearing assets into principal and yield components, which are then tradable separately. This transforms yield from a passive byproduct into an active market, enabling fixed-income strategies, yield speculation, and onchain risk management,” 21Shares wrote on its product page.
What this means is that investors can pursue both fixed-income plays and speculate on future yields.
They can also hedge risks onchain, a scenario that mirrors the trillion-dollar traditional fixed-income sector but in a decentralized framework.
Crypto ETP adoption on the rise
21Shares’ debut of the Pendle ETF coincides with the accelerating institutional embrace of crypto investment products across the globe.
This market has seen total assets under management (AUM) swell to over $220 billion as of October 20, 2025.
Asset manager CoinShares shared this in a weekly report on Monday, noting global net outflows of $513 million triggered by a Binance liquidity event, did little to dent optimism.
“Digital asset ETPs saw US$513M in outflows after the 10 Oct liquidity cascade, though ETP investors largely shrugged it off,” CoinShares head of research James Butterfill noted.
Like 21Shares, another ETP issuer on an upward streak is DeFi Technologies subsidiary Valour.
The Valour SKY ETP went live on Sweden’s Spotlight Stock Market this week, targeting the Sky (SKY) token, which is native to the formerly MakerDAO network.
As regulators harmonize frameworks like MiCA, these developments signal a potential aggressive buying.
Notably, ETPs are bridging DeFi’s yield frontiers with compliant, scalable access, and traction for spot Bitcoin ETFs and Ethereum spot ETFs signal this growth.
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