Bitcoin News Today: CoinShares Launches Zero-Fee TON ETP with 2% Staking Yield as Market Cap Plummets 60%

European crypto asset manager CoinShares has launched a Toncoin ETP (CTON), despite the asset's year-to-date market capitalization falling 59% to $5.7 billion as of publication. The new product, CoinShares Physical Staked Toncoin (CTON), began trading on Switzerland's SIX Swiss Exchange on October 28, 2025, offering investors direct 1:1 exposure to TON tokens. The ETP features a 2% staking yield from network validation rewards and zero management fees, positioning it as one of Europe's most competitive crypto ETPs.

The move underscores CoinShares' strategy to expand institutional access to blockchain projects with real-world utility. TON, integrated with Telegram's 900+ million active users, processes over 104,000 transactions per second, combining high-performance infrastructure with mass-market adoption. "TON represents a unique opportunity where blockchain technology bridges established platforms and decentralized ecosystems," said Jean-Marie Mognetti, CoinShares' CEO and co-founder.

The ETP's launch comes as TON faces headwinds. The token has plummeted nearly 60% this year, with its market cap now ranking it as the 35th-largest cryptocurrency by capitalization. However, CoinShares notes that TON's integration with Telegram's messaging platform and its technical capabilities present long-term appeal for investors seeking diversified exposure.

This is not CoinShares' first foray into TON. The asset is already included in the CoinShares Altcoins ETF (DIME), a U.S.-traded ETP that debuted in early October and includes exposure to Solana (SOL), Polkadot (DOT), and other altcoins. The European ETP extends this strategy, offering a physically backed product with automatic yield generation.

The news arrives amid broader crypto ETP inflows driven by expectations of U.S. Federal Reserve rate cuts. Last week, global crypto ETPs saw $921 million in net inflows, led by Bitcoin's $931 million rebound following weaker-than-expected inflation data. While Ethereum and altcoins like Solana and XRP saw reduced inflows, the overall trend signals growing institutional confidence in digital assets.

CoinShares' TON ETP also aligns with a broader trend of European crypto firms targeting U.S. expansion. FalconX recently acquired 21shares, a Swiss-based ETP issuer, while CoinShares itself is pursuing a Nasdaq listing via a merger with a special-purpose acquisition company (SPAC). These moves highlight intensifying competition in the crypto ETP space, with firms leveraging regulatory clarity and yield-generating products to attract investors.

Toncoin's price reacted modestly to the news, rising about 5% to $2.30 on the ETP's launch day. Meanwhile, Telegram's Wallet app announced it would begin offering tokenized stocks and ETFs, further expanding the platform's financial services. Analysts suggest that TON's long-term prospects hinge on its ability to maintain Telegram's user base and innovate in decentralized applications.

As crypto markets navigate regulatory and macroeconomic uncertainties, products like CoinShares' TON ETP reflect the sector's evolving maturity. By combining institutional-grade infrastructure with high-yield opportunities, such offerings aim to bridge traditional and digital finance-positioning altcoins like TON as strategic assets in diversified portfolios.

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