The company 21Shares has introduced two new cryptocurrency ETPs focused on individual DeFi protocols — giving investors in Europe more targeted access to decentralized financial instruments. The new products are aimed at both retail traders and the institutional sector.
New ETPs from 21Shares: Focus on Ethena and Morpho
On December 3, 2025, in Zurich, 21Shares introduced two new exchange-traded instruments focused on key DeFi infrastructure protocols. The company, considered one of the largest crypto-ETP providers in the world, continues to expand its product line amid steady interest in regulated solutions in the digital asset segment.
The new products, 21Shares Ethena ETP (EENA) and 21Shares Morpho ETP (MORPH), are already available on leading European platforms: SIX Swiss Exchange, Euronext Amsterdam and Euronext Paris. Investors can trade them in both euros and dollars.
Ethena ETP: An Investment Bridge to the USDe Ecosystem
Ethena is behind the creation of USDe, one of the fastest-growing digital dollars. The protocol uses a delta-neutral strategy: positions are hedged between spot and futures, which helps maintain price stability at $1. In two years, assets under management reached $8 billion.
Given this scale, Ethena could become the foundation of a new type of money market on the blockchain. The system combines the reliability of stablecoins with an adaptive risk management model, sensitive to changes in liquidity and leverage in the ecosystem.
The exchange-traded product EENA provides access to the ENA token, which plays a key role in protocol governance, from risk and collateral settings to future revenue distribution. The token is needed for both the main USDe and its yield version sUSDe.
The product is listed on the SIX Swiss Exchange and is aimed at those who want to participate in the growth of the Ethena ecosystem without delving into technical details or working with DeFi directly.
Morpho ETP: A Window into On-Chain Lending
Morpho is a modern lending protocol built on Morpho Blue, a modular architecture that allows the launch of independent lending markets with clearly separated risks. The system currently holds over $9 billion in deposits and about $4 billion in active loans.
This infrastructure is already used by major players such as Coinbase, Crypto.com and Société Générale, and is gradually becoming a key link in the development of on-chain lending — where the entire process from fund issuance to risk management takes place directly on the blockchain.
ETP with the ticker MORPH gives investors access to the token of the same name. This solution is especially relevant for those who want to participate in the growth of the DeFi lending sector but prefer to avoid direct interaction with smart contracts or Web3 interfaces.
21Shares Morpho ETP is already available on Euronext Amsterdam and Euronext Paris. The product is traded in both euros and dollars, in line with the company’s strategy to reach a broad European audience.
21Shares Bets on DeFi Infrastructure
The company 21Shares continues to expand its operations in Europe. This time by launching products focused on the Ethena and Morpho protocols. With these, the company’s lineup now includes over 55 exchange-traded instruments, covering both core cryptocurrencies and less obvious areas in DeFi.
These releases are the first after the merger with FalconX, a global broker in digital assets. The deal strengthened the technical base of 21Shares and gave it direct access to international liquidity. This has significantly strengthened the company’s position in the institutional segment.
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The bet on Ethena and Morpho shows: 21Shares is moving away from working only with top tokens. Now the focus is shifting toward decentralized infrastructure, which will underpin the next stage of Web3 development. At the same time, ETPs remain a familiar and convenient way for investors to enter on-chain finance, without the need to work directly with the blockchain.
How 21Shares Shapes the Crypto ETP Market
21Shares remains one of the leading players in the crypto-ETP market. The company offers the largest set of exchange-traded instruments, each product directly backed by digital assets.
From the early years, the team focused on one task: to simplify entry into the cryptoeconomy for investors from the traditional sector. Instead of complex interfaces — easy-to-understand tools available on regular stock exchanges.
Back in 2018, 21Shares was the first in the world to launch a physically backed cryptocurrency ETP. Since then, its products have appeared on the largest European platforms, from SIX Swiss Exchange to Euronext. Over this time, the company has accumulated seven years of experience in the regulated part of the crypto market.
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The staff includes a strong analytics team, in-house development, and expertise in capital markets. This allows the release of investment products of varying complexity: from basic trackers to structured solutions linked to new DeFi protocols.
By joining FalconX, the company gained expanded access to liquidity and institutional infrastructure. At the same time, it continues to independently develop its product line and conduct its own research to quickly respond to market changes and investor interests.
Where DeFi-Oriented ETPs Are Headed
The launch of EENA and MORPH products shows that crypto-ETPs are increasingly going beyond simple “price tracking.” Now they are targeting key infrastructure: protocols that underpin digital dollars, decentralized loans, and new financial markets.
For institutional investors, this is a way to enter Web3 without unnecessary complexity. Especially if the instruments are traded on familiar platforms like SIX or Euronext. Everything works by familiar rules, but with access to advanced DeFi mechanisms.
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This convergence opens up decentralized finance to a wider audience. There’s no need to understand smart contracts or set up wallets — regular brokerage access is enough.
With the launch of these 21Shares ETPs, the company strengthens its role as a bridge between traditional finance and the on-chain world. It’s not just about tracking tokens, but a bet on the very architecture of the cryptoeconomy.
