table of contents
How has the product structure and key terms performed since launch? The relationship between liquidity and assets under management PI market performance Market sentiment and key challenges What are the chances of changing the situation? Conclusion Source: FAQ
Valour’s Pi Network ETP An exchange-traded product that provides regulated exposure to the Pi Network’s native tokens. P.I.. The product is issued by Valor Inc., a subsidiary of DeFi Technologies, and is traded on the Swedish Spotlight Stock Market, a regulated diversified trading facility.
The ETP is denominated in Swedish Krona (SEK) and will launch on August 27, 2025. This is fully backed by PI tokens held in cold storage at licensed custodians such as Copper. This structure allows investors to gain price exposure to PI through a standard brokerage account without directly holding tokens or managing private keys.
Established in 2019, pi network focuses on mobile accessible mining and launched its open mainnet in February 2025. Although the network reports a large global user base and increasing mainnet applications, PI remains unstable and remains sparsely integrated into major centralized exchanges.
Product structure and important terms
Valour’s Pi Network ETP is open-ended and has no expiry date. One of the distinctive features is the multiplier. Each ETP unit represents exposure to approximately 9.9 to 10 PI tokens, adjusted at the market price of PI and the SEK exchange rate. This explains why ETP trades at a much higher nominal price than PI itself and should not be interpreted as a 1:1 tracker.
Annual management fee is 1.9%. This is high compared to many crypto ETPs, which often have fees between 0.5% and 1%, and traditional equity ETFs, which often have fees below 0.5%. The fee level has drawn criticism from price-sensitive investors and may be weighing down demand.
Valor launched the PI ETP in 2025 as part of a broader expansion of SEK-denominated crypto products. The company currently offers over 100 ETPs linked to over 30 digital assets. The listing marks Pi Network’s first regulated listed product in Europe and has shown interest from some of the traditional financial markets.
How has it performed since its release?
ETP has delivered weak results since its debut. Price movements primarily reflect the PI spot market decline in late 2025 and early 2026, characterized by widespread weakness in the overall digital asset market.
Immediately after its launch, ETP was trading near its peak, with a price in the mid-SEK 20 and an initial net asset value of close to SEK 34. By late September 2025, prices had already fallen to the low $20s. Trading activity was sparse, with assets under management reported to be only a few thousand USD after the first month.
This downward trend continued until the last quarter of 2025. By late December, the ETP was trading at approximately SEK 18.4, reflecting a steady decline in PI’s market value. Entering 2026, the product briefly traded near SEK 20, but losses soon returned.
As of February 6, 2026, ETP was trading between 12.96 SEK and 13.13 SEK. At current exchange rates, this equates to approximately USD 1.20 to 1.22 per unit. Year-to-date performance in 2026 is estimated to be approximately -35%.
Liquidity and assets under management
Liquidity remains limited throughout the life of the product. Daily trading volume on Spotlight is often in the single digits or less than a few hundred shares. Over several trading days in January 2026, only one or two shares were bought or sold. This low activity can widen spreads and make it difficult to execute large orders.
Assets under management also decreased significantly. Assets under management fell from around USD 100,000 reported in late 2025 to less than USD 20,000 by early February 2026. These numbers place PI ETP as the smallest product in Valor’s lineup, raising questions about its long-term commercial viability if demand does not improve.
Relationship between PI and market performance
ETPs closely track the price of PI, taking into account multipliers and currency conversions. The PI traded between USD 0.45 and USD 0.52 in mid-2025, but fell to around USD 0.20 by the end of the year. By early February 2026, PI was trading around $0.14 to $0.15, down about 30% since the beginning of the year.
Temporary price increases associated with product launches and network updates have not continued. The short-term rally in late August 2025, when the PI rose more than 15%, subsided within a few weeks. Restrictions on real-world usage, restricted access to exchanges, and cautious sentiment across the crypto market are all weighing on prices.
Market sentiment and key challenges
Early press coverage of the ETP described it as an important step toward regulating access to PI, particularly for European investors. Some analysts and social media commentators initially expected the listing to support prices.
As performance data was accumulated, the tone changed. Commentary from late 2025 onwards focuses on the impact of low penetration rates, declining assets under management, and high management fees. Discussions on social platforms often emphasize multipliers to correct misconceptions, but the gains are still low.
Structural problems remain. ETPs are listed on only one exchange. Although PI’s ecosystem is growing, it lacks some features found in more established networks. Regulatory oversight of products linked to cryptocurrencies also continues to shape investor behavior.
What could change the situation?
Valour’s Pi Network ETP is currently only listed on Spotlight Stock Market. This narrow distribution has a clear impact on trading activity. Due to the lack of secondary listings in large European venues, daily volumes remain low and price movements may be uneven. Limited visibility also makes it less likely that institutional investors who require deeper liquidity or prefer more established exchanges will participate.
A broader list footprint could potentially address some of these constraints. Access to additional regulated exchanges could increase liquidity, reduce spreads and make the product more accessible to a wider range of investors. Similar crypto ETPs listed on multiple European markets tend to attract higher asset management and more stable trading patterns. Although no expansions have been announced, such a move would be consistent with Valor’s strategy for other products in its portfolio.
Market conditions are also important. ETPs have entered a prolonged downturn in digital assets, which has weighed on both PI and exchange-traded products linked to cryptocurrencies more generally. If the broader crypto market recovers, PI’s spot price will likely rise and sentiment towards related products will likely improve. In that scenario, even modest inflows could have a significant impact on ETPs with small asset bases.
Improving the Pi Network development cycle could also improve performance. Increased mainnet usage, clearer utility for PI, and broader exchange support will be directly reflected in price discovery. Combined with a broader ETP distribution, these factors could stabilize trading activity and allow products to better reflect underlying demand rather than thin market effects.
Currently, the single exchange structure and weak market background are determining ETP performance. Changes in either area do not guarantee positive returns, but they do remove some of the structural constraints that have shaped historical results.
conclusion
Valour’s Pi Network ETP has so far delivered negative returns, low liquidity, and declining assets under management. Its performance reflects both PI’s price decline and product-specific factors such as fees and limited market access. At the same time, ETPs demonstrate how regulated structures can provide transparent exposure to new crypto assets. Future performance will depend on the advancement of PI’s network, market conditions, and whether investor interest expands beyond its initial narrow audience.
source:
- PR News Wire: Valor launches 8 new ETPs including Pi Network
- Website: Barrow Pie SEK
