21Shares launched two new crypto ETPs focusing on decentralized AI and Solana's DeFi ecosystem, expanding its European offerings to 50 and enhancing institutional access to these emerging sectors.

Executive Summary

21Shares, a Swiss wealth manager, has introduced two new physically backed crypto exchange-traded products (ETPs) in Europe. The new offerings include the 21Shares Artificial Superintelligence Alliance ETP (AFET) and the 21Shares Raydium ETP (ARAY). These additions bring 21Shares' total ETPs in Europe to 50, with the firm managing over $11 billion in assets globally as of September 14, 2025. The launches aim to provide regulated investment avenues for institutional investors seeking exposure to emerging crypto narratives in decentralized AI and the Solana decentralized finance (DeFi) ecosystem.

The Event in Detail

The newly launched AFET ETP tracks a basket of decentralized artificial intelligence protocols, specifically Fetch.ai, SingularityNET, Ocean Protocol, and CUDOS. These protocols are unified under the Artificial Superintelligence (ASI) Alliance, which leverages the $FET token as its foundational asset. The AFET ETP is listed on Euronext Amsterdam and Euronext Paris, providing investors with direct exposure to this collaborative framework focused on advancing decentralized AI.

Simultaneously, 21Shares introduced the ARAY ETP, which offers exposure to the RAY token of Raydium. Raydium functions as a prominent decentralized exchange (DEX) and automated market maker (AMM) within the Solana ecosystem. As of September 2025, Raydium secures over $2.3 billion in total value locked (TVL), positioning it as a significant liquidity hub on Solana. The ARAY ETP is listed on the SIX Swiss Exchange.

These launches signify 21Shares' ongoing strategy to broaden its product suite, reaching a milestone of 50 physically backed crypto ETPs in Europe. The firm's global assets under management stand at approximately $11.52 billion.

Market Implications

The introduction of these ETPs by 21Shares expands regulated access for institutional investors to specific high-growth sectors within the cryptocurrency market. By offering ETPs tied to decentralized AI and Solana DeFi, the firm facilitates capital inflow into these specialized niches, which were previously less accessible through traditional financial instruments. This development further legitimizes crypto assets as an investable class for mainstream financial participants and strengthens 21Shares' position as a leading provider in the crypto ETP market. The move aligns with an increasing demand from institutional investors for exposure to next-generation decentralized technologies.

Expert Commentary

Market observers note that this expansion is bullish for institutional adoption within distinct crypto niches, particularly decentralized AI and the Solana ecosystem. The availability of such products suggests growing mainstream investor access to these themes, indicating a maturing market where specialized crypto assets are increasingly integrated into regulated investment frameworks.

Broader Context

The launch of the AFET and ARAY ETPs occurs amidst a surge of activity in the broader crypto ETP market. Recent developments include BlackRock's iShares Bitcoin ETP listing on the SIX Swiss Exchange and other European venues, as well as the approval of ETPs for various tokens like Floki Inu. This trend highlights traditional finance's increasing embrace of digital assets, with ETPs serving as a critical bridge. These financial instruments allow investors to gain exposure to underlying cryptocurrencies without the complexities of direct ownership, custody, or private key management. The targeted nature of 21Shares' new ETPs reflects a strategic focus on narrative-driven crypto sectors that are attracting significant developer activity and investor interest, such as decentralized computing and AI integration.