Crypto asset manager 21Shares has launched a new exchange-traded product (ETP) offering investors regulated exposure to the native token of Cronos, a Layer 1 network developed by Crypto.com, for Web3 applications.

The 21Shares Cronos ETP, which trades under the ticker CRON, is listed on Euronext Paris and Euronext Amsterdam. It carries a 2.5% annual fee and provides exposure to CRO.

The product allows investors to add CRO exposure to their portfolios through brokers and banks, without handling crypto wallets or exchanges.

This is the latest addition to the Zurich-based firm’s growing list of crypto-linked ETPs, which already cover various cryptocurrencies. The Swiss asset manager has also been moving to expand its offering in the U.S. with a recent S-1 registration form for a SUI ETF.

The price of CRO is down around 1.4% for the day, in line with a broader cryptocurrency market movement.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2654.32, down 2.2% (-60.12) since 4 p.m. ET on Monday.

None of the 20 assets are trading higher.

Leaders: BCH (-0.3%) and BTC (-0.8%).

Laggards: SUI (-7.7%) and AAVE (-7.5%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Singapore-based developer of bitcoin mining ASIC chips and rigs Canaan (CAN) has had a rough run, but could be a five-bagger, suggests Benchmark analyst Mark Palmer.

Palmer on Tuesday initiated coverage of the ADRs with a buy rating and a $3 price target. The shares closed yesterday at $0.62, lower by 72% year-to-date.

Canaan’s dual strategy is focused on the development of ASIC bitcoin chips and rigs, and the expansion of its self-mining operations, especially in the United States, said Palmer.

«CAN’s vertically integrated approach differentiates it within the bitcoin mining space while positioning it to capitalize on both chip/rig sales and proprietary mining revenues,» he wrote.

Canaan’s push into home mining rigs has diversified the company’s revenue, he further noted.

The equipment maker is also growing its self-mining capacity in the U.S. and globally.

«While the company derived just 16.3% of its 2024 revenues from its self-mining operations, it intends to increase the total computer power driving its self-mining operations by mid-2025 to 10 EH/s in North America and 15 EH/s globally,» Palmer added.

Canaan has a stack of 1,408 bitcoin with a current value of around $133 million, or nearly 70% of its current market cap, said Palmer. That should be supportive of the company’s valuation.

Read more: Bitcoin Miners With HPC Exposure Underperformed BTC for Third Straight Month: JPMorgan