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CoinShares, a prominent European digital asset manager, has introduced a new exchange-traded product (ETP) offering exposure to Toncoin (TON). This launch occurs as Toncoin's market capitalization has recently fallen below $6 billion, despite its integration with the widely used Telegram messenger.
Key Takeaways
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CoinShares has launched the CoinShares Physical Staked Toncoin ETP (CTON) on Switzerland's SIX exchange.
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The ETP offers a 2% staking yield from network validation rewards.
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Toncoin's market cap has declined 59% year-to-date, settling around $5.7 billion.
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TON is also part of CoinShares' US-based Altcoins ETF (DIME).
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Telegram's crypto-related features are expanding through its Wallet app.
New ETP Debuts on SIX Exchange
CoinShares International announced the launch of its new Toncoin ETP, named CoinShares Physical Staked Toncoin, which began trading on Switzerland's primary stock exchange, SIX, under the ticker CTON. This product provides investors with exposure to Toncoin, the native cryptocurrency of The Open Network (TON), a blockchain platform closely associated with Telegram.
The ETP is designed to offer automatic yield generation through network validation rewards, featuring an annual staking yield of 2%. Trades for the CTON ETP will be available in US dollars, catering to both institutional and retail investors seeking regulated access to the Toncoin market.
Toncoin's Market Performance and Telegram Integration
Despite the launch of the new ETP, Toncoin has experienced a significant downturn in its market performance. Year-to-date, TON's market capitalization has dropped by 59%, falling to approximately $5.7 billion at the time of reporting. At the time of the ETP's launch, Toncoin was trading around $2.30, showing a modest 5% increase on the day, and ranked as the 35th largest cryptocurrency by market capitalization.
CoinShares highlighted the potential of TON, citing Telegram's extensive user base of over 900 million active users and TON's high-performance capabilities, which can process over 104,000 transactions per second. This combination of technical prowess and market reach is seen as a key factor for the blockchain's future growth.
Broader Exposure and Ecosystem Developments
This is not the first time CoinShares has included Toncoin in its investment products. TON is also a component of the CoinShares Altcoins ETF (DIME), a US-traded ETP launched in early October. The DIME ETF offers exposure to a diversified basket of altcoins, including Solana (SOL), Polkadot (DOT), Cardano (ADA), and Cosmos (ATOM).
The launch of the CTON ETP coincides with developments within the Telegram ecosystem itself. Wallet in Telegram, a third-party crypto wallet application on the platform, has recently introduced tokenized shares of 50 stocks and ETFs, some of which offer dividend payouts. These advancements suggest a growing integration of financial services within the Telegram platform, potentially increasing visibility and utility for Toncoin.
Sources
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CoinShares launches Toncoin ETP as TON market cap dips below $6B — TradingView News, TradingView.
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CoinShares launches Toncoin ETP as market cap slips below $6B, MoneyCheck.
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