Institutional and retail investors in Europe gain new access to decentralized finance as the 21shares etp lineup expands with two protocol-focused products.

21shares launches Ethena and Morpho ETPs in Europe

On December 3, 2025 in Zurich, 21shares, one of the world’s largest issuers of crypto exchange-traded products, unveiled two new ETPs tracking leading DeFi infrastructure protocols. The launches highlight growing demand for diversified crypto ETP listings across regulated venues.

The new products are the 21shares Ethena ETP (Ticker: EENA) and the 21shares Morpho ETP (Ticker: MORPH). Both are now listed on major European exchanges, including SIX Swiss Exchange, Euronext Amsterdam, and Euronext Paris, and are available in USD and EUR.

Ethena ETP: exposure to USDe’s protocol engine

Ethena is the protocol behind USDe, one of the fastest-growing digital dollars globally. It is designed to maintain a $1 peg through a delta-neutral hedging strategy that uses crypto spot and perpetual futures markets. In less than two years, USDe has reached approximately $8 billion in AUM.

This rapid scale positions Ethena as a potential backbone of an emerging crypto-native money market. Moreover, the ethena usde protocol model aims to combine stablecoin-like behavior with a market-based risk management framework that can adapt as liquidity and leverage conditions evolve.

The EENA ETP gives investors exposure to ENA, Ethena’s core token. ENA plays a central role in setting the protocol’s risk parameters, defining its collateral framework, and enabling upcoming fee-sharing mechanisms as both USDe and its yield-bearing version, sUSDe, continue to scale.

Listed on SIX Swiss Exchange, the 21shares Ethena ETP is structured to provide traditional market access to a complex on-chain system. That said, investors can gain exposure to Ethena’s growth trajectory without needing to operate wallets or interact directly with decentralized protocols.

Morpho ETP: access to decentralized credit markets

Morpho is a next-generation lending platform centered on Morpho Blue, a permissionless architecture that enables institutions and developers to build customized, risk-isolated lending markets. The protocol currently supports more than $9 billion in deposits and $4 billion in active loans.

This infrastructure underpins lending products used by leading firms including Coinbase, Crypto.com, and Société Générale. Moreover, it is widely regarded as a core building block for decentralized credit markets, where credit creation and risk management are handled on-chain.

The MORPH ETP provides direct exposure to Morpho’s native token. Through this structure, investors can participate in the expansion of DeFi lending without engaging directly with smart contracts or on-chain interfaces, which may simplify operational and compliance considerations for some institutions.

The 21shares Morpho ETP is listed on Euronext Amsterdam and Euronext Paris. However, pricing and settlement are available in both USD and EUR, aligning with the broader Europe crypto ETPs framework that targets a pan-European investor base.

Strategic expansion of the 21shares product suite

The release of EENA and MORPH marks another milestone in the ongoing expansion of the 21shares ETP range. The firm now offers more than 55 listed ETPs in Europe, reflecting sustained investor appetite for access to a broad spectrum of digital asset themes and protocols.

This latest launch follows the company’s recent acquisition by FalconX, one of the world’s largest digital asset prime brokers. The deal, widely covered in falconx acquisition news, strengthens 21shares’ distribution capabilities and capital markets infrastructure, while also linking its ETP platform to a global liquidity network.

By adding Ethena and Morpho to its lineup, 21shares extends its reach from large-cap crypto exposures into specialized DeFi infrastructure. Moreover, the move underscores the growing role of exchange-traded products as a bridge between traditional finance investors and on-chain protocols.

21shares role in the evolution of crypto ETPs

21shares is recognized as one of the world’s leading providers of cryptocurrency exchange-traded products and offers what it describes as the largest suite of physically-backed crypto ETPs in the market.

The company was founded to make cryptocurrency more accessible to investors and to narrow the gap between traditional finance and decentralized finance.

In 2018, 21shares listed the world’s first physically-backed crypto ETP, establishing an early presence in regulated digital asset markets. Since then, it has built a seven-year track record of launching products that trade on some of the largest and most liquid securities exchanges globally, including SIX Swiss Exchange and Euronext.

Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21shares focuses on delivering innovative, simple, and cost-efficient investment solutions. Its portfolio ranges from single-asset trackers to thematic baskets and more complex structures that reference emerging DeFi platforms.

The company is a subsidiary of FalconX, which enhances its access to liquidity, counterparties, and infrastructure. However, 21shares continues to operate its own product development and research functions, enabling it to respond quickly to shifts in digital asset markets and investor demand.

Outlook for DeFi-focused exchange-traded products

The addition of the 21shares Ethena and Morpho ETPs highlights how exchange-traded structures are evolving beyond simple price exposure to major cryptocurrencies.

Instead, they increasingly target underlying protocols that power digital dollars, lending markets, and broader DeFi infrastructure.

As institutional interest in decentralized finance grows, structures such as these may become central tools for gaining regulated exposure to on-chain activity.

Moreover, the combination of traditional exchange listings, like those on SIX and Euronext, with advanced DeFi protocols could further normalize digital assets within mainstream portfolios.

In summary, the launch of EENA and MORPH extends 21shares’ reach into core DeFi infrastructure while maintaining the familiar wrapper of an exchange-traded product. For investors, this offers a way to track the growth of digital money markets and lending platforms through established securities exchanges.