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- Several big Wall Street players recently decided to invest in the world’s first exchange-traded product (ETP) to access Polkadot
- Instinet, an agency-model broker, turned out to be the biggest investor in Polkadot’s ETP
- This reflects that there is noteworthy demand from institutional traders for products that facilitate crypto exposure
A report from the Bloomberg Terminal revealed that several big Wall Street players recently decided to invest in the world’s first exchange-traded product (ETP) to access Polkadot.
ICAP, Goldman Sachs, UBS, and JPMorgan are some of the names that have purchased different worths of the Polkadot ETP shares. This hints at a significant rise in institutional support for crypto derivatives.
A surge in ETP investments to avail Polkadot’s DOT
The recent news coming straight from Wall Street suggests that some of the largest institutional players are showing a surging interest in the varied product offering of the cryptocurrency market. According to data received from Bloomberg Terminal, the aforementioned companies just bought the world’s first ETP that provides exhibition to Polkadot’s DOT token.
21Shares, a Swiss investment commodity supplier released the Polkadot ETP at the very beginning of February. The respective token is now registered on the Swiss SIX Exchange. As per the statement of Laurent Kssis, the chief of ETP at 21Shares, the token currently holds assets over $15 million under the administration.
Details of the respective investments
Data from Bloomberg Terminal further affirmed that Goldman Sachs bought three sections of shares on behalf of a customer. Meanwhile, UBS purchased 2,770 shares. Bank of America’s Merrill Lynch too invested with 2,200 shares. While ICAP bought some 1,000 shares, JPMorgan invested with 500.
Instinet, an agency-model broker, turned out to be the biggest investor in Polkadot’s ETP. It made a significant investment with the purchase of 9,280 shares.
A delegate for Goldman Sachs stated that it was unaware of the trades and the platform will look into it. However, no other company from the aforementioned list responded to any query in this context as of press time.
Nonetheless, the count of Polkadot ETP shares traded since the month began hints towards a very rigid observation. It reflects that there is noteworthy demand from institutional traders for products that facilitate crypto exposure. Investing in ETPs allows institutions to access the benefits of a token’s functional activity without worrying about custody issues. ETPs also provide institutions with a medium to obey regulations.
The fresh number of products recently listed on the SIX Exchange are observing a surge in interest. Currently, there are six ETP suppliers with crypto products registered on the exchange and 34 ETPs listed in total.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
