Switzerland-based crypto investment firm 21Shares has launched an exchange-traded product (ETP) for the dYdX protocol’s native token, DYDX. The physically-backed product began trading on the Euronext Paris and Amsterdam exchanges on September 11, 2025, under the ticker DYDX, aiming to offer institutional investors regulated exposure to the on-chain derivatives market.
The new product connects standard finance to decentralized finance (DeFi) by putting the DYDX token in a well-known ETP envelope. Mandy Chiu, Head of Financial Product Development at 21Shares, stated that the launch is a “natural addition” to the company’s lineup and represents a “milestone moment in DeFi adoption.” The structure allows institutions to access dYdX using the same infrastructure as traditional assets.
The launch was supported by the dYdX Treasury subDAO and its operator, kpk. Marcelo Ruiz de Olano, CEO of kpk, noted that the ETP makes dYdX accessible via a ticker, simplifying market entry for investors who may be unfamiliar with on-chain operations. The dYdX protocol has processed over 1.4 trillion in cumulative trading volume across more than 230 perpetual markets.
Tapping into the derivatives market
This move is aimed at the huge market for crypto derivatives, which is estimated by Charles d’Haussy, CEO of the dYdX Foundation, to be worth $28 trillion. Currently, DeFi’s share of the global derivatives market is less than 1%, highlighting significant room for growth. A spokesperson for 21Shares also mentioned future plans to introduce DYDX staking and an auto-compounding feature for the ETP.
The 21Shares DYDX ETP start is a big step toward making the DeFi ecosystem ready for institutional capital. It gets rid of big operational problems that kept traditional financial players from using leading DeFi protocols before by providing a safe and regulated way to buy on well-known exchanges like Euronext. This product is a regulated gateway that could let new money move into the on-chain derivatives space. It also shows that there is a growing need for legal exposure to digital assets.
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