CoinShares Bridges Telegram and Blockchain with New TON ETP

CoinShares, a leading European digital asset manager, has launched the CoinShares Physical Staked Toncoin ETP (CTON) on Switzerland's SIX Swiss Exchange, offering investors exposure to Toncoin (TON) amid a challenging market environment for the Telegram-linked blockchain's native token. The ETP, which began trading on October 28, 2025, features a zero management fee and a 2% staking yield, according to a CoinShares press release, positioning it as one of the most cost-competitive TON products in Europe.

Toncoin, the native asset of The Open Network (TON), has faced a steep decline, with its market capitalization dropping 59% year-to-date to $5.7 billion as of publication, according to a Cointelegraph report. Despite this, CoinShares highlighted TON's integration with Telegram's 900+ million active users and its capacity to process over 104,000 transactions per second as key differentiators. "TON represents an interesting development in blockchain infrastructure, a layer 1 that's already integrated with Telegram's substantial user base, supporting real applications and payments," said Jean-Marie Mognetti, CoinShares' CEO and co-founder, in a CoinShares investor release. The firm's hybrid finance investment thesis focuses on projects bridging traditional platforms with decentralized technology.

The CTON ETP is physically backed at a 1:1 ratio to TON tokens and trades in U.S. dollars, providing institutional and retail investors with a regulated pathway to staking rewards. This product follows TON's inclusion in CoinShares' U.S.-traded Altcoins ETF (DIME), which launched in early October and includes exposure to other altcoins like Solana and Cardano. The European ETP expands access to TON for European investors, aligning with the firm's strategy to diversify blockchain exposure.

The news coincides with broader developments in the TON ecosystem. Wallet in Telegram, a third-party crypto wallet, announced the launch of tokenized stocks and ETFs by xStocks, offering 50 tradable assets with dividend capabilities. Toncoin responded modestly to the ETP's debut, rising about 5% to $2.30 on October 29, though it remains the 35th-largest cryptocurrency by market capitalization.

CoinShares, which manages over $10 billion in assets, emphasized its regulatory compliance across jurisdictions including Jersey, France, and the U.S. The firm's merger with Vine Hill Capital Investment Corp. has further expanded its product offerings. As the crypto market navigates volatility, the CTON ETP underscores growing institutional interest in blockchain projects with real-world utility.