21Shares Sees Active Management as Next Phase of Crypto ETFs as Market Matures Beyond Passive Exposure

21Shares president Duncan Moir stated in an exclusive interview on March 24, 2026, that actively managed exchange-traded products represent the next phase of crypto investing, as the market matures beyond simple price-tracking funds and investors seek more sophisticated strategies in a nascent asset class.

The crypto asset manager has been expanding its portfolio management and trading teams to support more complex products, combining bottom-up research on individual assets with quantitative and discretionary top-down strategies. Active ETFs worldwide held nearly $1.8 trillion in assets at the end of 2025, according to data compiled by Morningstar and Goldman Sachs Asset Management.

The company’s integration with FalconX, which acquired 21Shares in October 2025, is expected to accelerate product development as 21Shares expands into more complex offerings.

Active Management Strategy in Crypto

Rationale for Active Approach

Moir argued that crypto is particularly well-suited to active management because it is a nascent and growing asset class. He stated that 21Shares combines bottom-up research on individual assets with quantitative and discretionary top-down strategies to manage risk and position portfolios. The company has been expanding its portfolio management and trading teams to support more sophisticated products.

“We’ve had to hire and build out the team with people who have different trading and portfolio management expertise, but now we have a solid team and we think we’ll be able to deliver strong actively managed products,” Moir said.

Product Development Acceleration

The integration with FalconX, which acquired 21Shares in October 2025, is expected to accelerate product development, particularly as the company expands into more complex offerings.

Regional Demand Divergence

United States Market

Moir noted that interest in crypto exchange-traded products remains concentrated in larger coins such as Bitcoin and Ether in the United States, where institutional adoption has primarily focused on the most established assets.

European Market

In Europe, institutional clients are more interested in newer assets and the application layer beyond layer-1 blockchains, according to Moir. He attributed this divergence to a more mature investor base in Europe, where institutions that already hold Bitcoin and Ether are increasingly looking to expand their crypto allocations.

Product Innovation and Recent Launches

Strategy STRC ETP

21Shares recently launched an exchange-traded product in Europe linked to Strategy’s preferred stock (STRC), offering exposure to a high-yield instrument tied to the company’s Bitcoin-focused capital strategy. Moir said the product has seen strong early demand across multiple regions, reflecting investor appetite for yield-generating assets accessible through traditional brokerage platforms.

Bitcoin-and-Gold ETP

Moir pointed to 21Shares’ Bitcoin-and-gold ETP as an example of the company’s thematic approach. While recently cross-listed in London, the product has been live for four years and has delivered some of the strongest risk-adjusted returns among European ETPs. “From a portfolio perspective, the combination just makes total sense,” he added, citing its diversification benefits across Bitcoin and gold.

Product Evaluation Framework

Moir said 21Shares evaluates potential launches based on three factors: internal research, client demand, and broader market trends. The research team identifies early opportunities, institutional feedback helps gauge interest, and trend analysis informs both niche single-asset products and broader thematic offerings depending on conviction.

Industry Context: Crypto ETFs Evolve Beyond Passive Exposure

Staking Integration

One area gaining traction is staking, allowing investors to earn yield by locking up crypto assets to help secure blockchain networks:

Grayscale: Introduced staking across its ETPs in October 2025, making its Ether funds the first US-listed spot crypto ETFs to offer staking rewards, while extending the feature to its Solana trust pending ETP approval

BlackRock: Launched a Nasdaq-listed Ethereum product in March 2026 that incorporates staking, combining spot Ether exposure with yield generation; the fund recorded $15.5 million in trading volume on its first day

Frequently Asked Questions

Why does 21Shares believe active management is suited for crypto?

21Shares president Duncan Moir argues that crypto is a nascent and growing asset class, making it particularly well-suited to active management. The company combines bottom-up research on individual assets with quantitative and discretionary top-down strategies to manage risk and position portfolios, allowing for more sophisticated approaches than simple price-tracking funds.

How do crypto ETF demand patterns differ between the US and Europe?

According to Moir, interest in the US remains concentrated in larger coins like Bitcoin and Ether. In Europe, institutional clients are more interested in newer assets and the application layer beyond layer-1 blockchains, reflecting a more mature investor base that is already holding Bitcoin and Ether and seeking to expand their crypto allocations.

What recent products has 21Shares launched?

21Shares recently launched an ETP in Europe linked to Strategy’s preferred stock (STRC), offering exposure to a high-yield instrument tied to the company’s Bitcoin-focused capital strategy. The company also maintains a Bitcoin-and-gold ETP that has delivered strong risk-adjusted returns and is now cross-listed in London.