21Shares has launched a new exchange-traded product for Pendle on the SIX Swiss Exchange, offering European investors regulated access to the fast-growing DeFi protocol.
Key Takeaways
- 21Shares launched the Pendle ETP (APEN) on the SIX Swiss Exchange, offering regulated exposure to Pendle’s token for European investors.
- Pendle splits yield-bearing assets into tradable principal and yield components, enabling advanced onchain strategies like fixed income and yield speculation.
- The ETP tracks Pendle’s native token performance, providing liquid access through familiar channels like banks and brokers.
- The launch reflects rising institutional demand for DeFi assets, as digital asset ETP assets under management exceed $220 billion globally.
What Happened?
21Shares, a major crypto ETP issuer, debuted its Pendle ETP under the ticker APEN on the Swiss exchange. The product mirrors the performance of Pendle’s native token, allowing investors to participate in the DeFi protocol without needing direct blockchain access. This move strengthens Pendle’s institutional credibility and brings sophisticated DeFi strategies into regulated investment portfolios.
21Shares has launched the Pendle ETP (APEN) on SIX Swiss Exchange, offering European investors regulated access to $PENDLE!
— Pendle (@pendle_fi) October 23, 2025
A key milestone highlighting growing institutional recognition for Pendle, and how leading DeFi assets are being integrated into TradFi infrastructure 🤝 pic.twitter.com/WDdgIadjfV
Pendle ETP Brings DeFi to the Traditional Market
The Pendle ETP is more than just another crypto product. It’s a signal of how decentralized finance is finding its footing within traditional investment infrastructure. With APEN, European investors can now tap into Pendle’s yield-generating ecosystem using familiar platforms such as banks and brokerage firms.
Pendle is known for a unique financial innovation. It separates yield-bearing assets into two components: the principal and the yield. These components are individually tradable, turning what is typically a passive yield into a dynamic investment tool. This structure enables:
- Fixed-income strategies, mimicking traditional bond markets.
- Yield speculation, by trading expected future returns.
- Onchain risk hedging, for advanced portfolio management.
By using assets like staked Ethereum (stETH) and stablecoin yields, Pendle allows investors to treat yield as a primary market component. As explained by 21Shares, “Pendle’s breakthrough is its ability to split yield-bearing assets into principal and yield components, which are then tradable separately.”
Institutional Appetite for Crypto ETPs Grows
The launch of APEN arrives during a broader boom in regulated crypto investment products. As of October 2025, the total assets under management (AUM) for global crypto ETPs surpassed $220 billion, according to CoinShares. Despite recent market outflows triggered by a Binance-related liquidity event, confidence remains strong.
James Butterfill, head of research at CoinShares, noted:
Other firms are also racing to expand ETP offerings. For instance, Valour, a subsidiary of DeFi Technologies, launched its SKY ETP on Sweden’s Spotlight Stock Market, following similar demand patterns.
This growth is further fueled by regulatory clarity. Europe’s Markets in Crypto-Assets (MiCA) regulation is setting the stage for compliant and scalable access to DeFi tokens. The introduction of products like Pendle’s ETP reinforces investor trust and signals a maturing crypto market ready for mainstream integration.
CoinLaw’s Takeaway
I see this as a turning point for DeFi. In my experience, bridging DeFi tools like Pendle into traditional investment platforms makes crypto more accessible and less intimidating for institutional players. When a firm like 21Shares steps up with a product that lets banks and brokers offer DeFi exposure, that’s a big deal. It tells me the DeFi space is no longer on the fringe. We’re watching the gradual union of decentralized innovation and traditional finance unfold. And trust me, it’s only just beginning.
