- 21 shares will add Afet and Aray to expand the Crypto ETP lineup in Europe, focusing on the sector.
- AFET tracks decentralized AI protocols, and Aray provides Raydium token exposure.
- Theme ETP accounts for 20-30% of the new flow, indicating an increase in demand for niche cryptos.
21Shares will introduce two new exchange-selling products (ETPs) in Europe, expanding its sector-centric lineup to 50. The release includes the 21 Share Artificial Supervisor Alliance ETP (AFET) and the 21 Share Raidium ETP (ARAY).
Both products highlight how Crypto ETP moves beyond Bitcoin and ether into specialized segments such as decentralized AI protocols and Solana-based decentralized finance.
Expansion into the niche crypto sector
AFET tracks many distributed AI protocols, including fetch.ai, singularitynet, marine protocols, and cudos. Aray offers investors direct contact with the tokens driving Solana’s decentralized exchange, Raydium.
Afet trades on EuroNext Amsterdam and Paris, and Aray is listed on the Six Swiss Exchange. Both ETPs are physically supported by tokens. The company, which manages over $11 billion in assets worldwide, currently lists 50 ETPs across the European market.
Theme products attract investors’ attention
The introduction of Afet and Aray is consistent with a broader surge in ETP on the theme across Europe. ETFBook data shows that European crypto ETPS currently manages $23.24 billion in assets. Although small compared to the $174 billion managed by US spot Bitcoin and ether ETFs, European offerings outperform the US in product diversity.
By September 2025, theme ETP was 20-30% of the new influx. Investors are increasingly targeting stories such as Defi, artificial intelligence, and tokenized real-world assets.
While Grayscale’s Crypto Sectors Framework outlined the competition between smart contract platforms such as Ethereum and Solana, Bitwise introduced five new agency-grade ETPs this year in six Swiss exchanges.
These new ETPs include yield generation and diversified strategies, and include several recruitment features such as physical redemption and staking. Such a mechanism was pioneered by Bitwise and later approved by regulators to address concerns about volatility in the crypto market.
Related: 21 shares will release dedx etp on EuroNext.
Regulatory outlook and US development
Europe continues to expand its theme offerings, but updating regulations in the US could quickly change sectors. Bitwise Chief Investment Officer Matt Hougan said in a memo that the Securities and Exchange Commission (SEC) is considering general listing criteria for Crypto ETPS.
Hougan explained that the current approval process is not certain to be approved and can be extended up to 240 days. The proposed shift in the SEC expected in October can reduce the review time for applications that meet clear requirements to 75 days.
He compared the potential changes to the 2019 ETF rules and expanded approvals for equity and bond ETFs. Hougan noted that this adjustment could “blew the market a lot,” bringing the possibilities of dozens of single assets and index-based ETPs.
However, he warned that if the product was released alone, it would not guarantee demand. He cited the Ethereum fund, which first throttled inflows after its 2024 debut, before the growth of Stubcoin and the Treasury allocation increased investors’ profits.
The launch of AFET and ARAY shows a shift from widespread crypto exposure to European sector-specific investment assets. The Theme ETP is drawing out more flows as investors seek targeted exposure to diversified AI projects and Solana-based defi tokens.
Meanwhile, changing regulatory frameworks in both Europe and the US suggest a rapidly growing market structure that could affect the next stage of crypto investment products.
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