21Shares updates crypto ETP reference prices to reduce NAV tracking error
21Shares updated reference price mechanisms for four crypto ETPs to better match spot markets and cut tracking error. The change targets NAV precision and secondary-market efficiency. 21Shares
The update covers:
- 21Shares Bitcoin Core ETP (CBTC)
- 21Shares Ethereum Core ETP (ETHC)
- 21Shares Crypto Basket Index ETP (HODL)
- 21Shares Short Bitcoin ETP (SBTC)
21Shares
Goal: reduce NAV premiums and discounts versus Bitcoin and Ethereum spot prices, and improve arbitrage and liquidity for creations and redemptions. 21Shares
Core lineup impact. CBTC and ETHC are low-cost, passive exposure vehicles; tighter reference pricing aims to align the daily valuation window with major exchange liquidity so entries and exits mirror spot. Coinspeaker
Complex products. HODL needs accurate references for monthly rebalancing to avoid skewed weights. SBTC, an inverse product, depends on precise daily marks to limit compounding errors from volatility. Coinspeaker
Context: 21Shares cites institutional standards as adoption grows. Crypto ETP/ETF global flows turned positive last month for the first time since Oct 2025, per the firm’s U.S. account. 21Shares US on X
