AI Summary
- 21Shares, one of Europe’s leading crypto ETP providers, officially launched its exchange-traded product (ETP) for HBAR, Hedera’s native token, under the ticker HDRA.
- To understand what this means for investors and the broader crypto space, we sat down with Duncan Moir, President of 21Shares, in an exclusive AllInCrypto interview.
- Why is this the moment 21Shares chose to bring Hedera to both institutional and retail investors through an ETP.
- Duncan: “Our very first product in 2018 was a basket product.
June 2025 was a major milestone for the Hedera ecosystem. 21Shares, one of Europe’s leading crypto ETP providers, officially launched its exchange-traded product (ETP) for HBAR, Hedera’s native token, under the ticker HDRA.
To understand what this means for investors and the broader crypto space, we sat down with Duncan Moir, President of 21Shares, in an exclusive AllInCrypto interview.
Why Launch an HBAR ETP Now?
We began by asking the obvious: Why now? Why is this the moment 21Shares chose to bring Hedera to both institutional and retail investors through an ETP?
Duncan: “To be honest, it started with a significant ramp-up in client inquiry. We work with both institutional and retail clients, but our conversations with investing institutions in Europe made it clear they were looking to gain exposure to HBAR. So the enterprise-grade positioning from Hedera meant it was the right time.”
What Makes Hedera Stand Out?
Unlike most layer-1 protocols focused on retail adoption, Hedera took an enterprise-first approach, and that’s paying off.
Duncan: “Many protocols start by building retail communities which is great. But Hedera went the other way. Since day one, they’ve been focused on delivering trusted, secure infrastructure for enterprises. That long-term strategy is now resonating with institutional investors.”
What Is an ETP: and Why It Matters
Not everyone is familiar with ETPs or how they differ from buying crypto directly on exchanges. Duncan explained it simply:
Duncan: “Think of it as a way to invest in crypto just as easily as buying a stock. Our ETPs are fully backed by the underlying crypto, held with regulated custodians. For many people, it’s actually cheaper and safer than using centralized exchanges which often hide high spreads and on-ramp fees.”
Who Is This For: Institutions or Retail?
Although 21Shares builds its products to meet institutional-grade standards, including tight spreads and deep liquidity, retail investors benefit equally.
Duncan: “There’s a perception that ETP investors aren’t as sophisticated, but that’s just not true. A lot of institutions simply can’t buy spot crypto directly. Our products give them compliant, seamless access. And retail investors get that same institutional-level quality.”
A Bigger Picture: Crypto as Financial Innovation
We zoomed out to look at the broader shift: how crypto and DLT are impacting the global financial system.
Duncan: “Every company and government is desperate for growth. Blockchain boosts productivity and efficiency that’s the next wave. Tokenization is no longer theoretical it’s happening right now. Big asset managers, banks, and even governments are starting to take it seriously.”
He noted that Hedera is well-positioned for this tokenized future, especially as trillions in real-world assets begin moving on-chain.
What’s Next for Hedera-Based Products?
We asked Duncan if this HBAR ETP is the first step in a broader Hedera product lineup and maybe even a U.S.-listed ETF.
Duncan: “We can definitely expect more. We’re always pushing innovation and expanding our product suite. The U.S. has been slower, but we’re seeing more filings and yes, we do see more Hedera products coming.”
Crypto Indices: The S&P 500 of Blockchain?
We also touched on the future of crypto index products a space 21Shares pioneered early on.
Duncan: “Our very first product in 2018 was a basket product. We believe in indices especially for wealth managers and those looking for diversified exposure. I think in the future, you’ll see S&P 500-style indices for crypto, including sector-specific or use-case-based baskets.”
Rounding It All Up: HDRA In a Nutshell
The launch of HDRA isn’t just big news for 21Shares and Hedera it’s a sign of how crypto is maturing. As traditional capital seeks compliant, institutional-grade exposure, products like HDRA are the bridge between the two worlds.
Duncan: “This is an incredibly exciting time. We’re proud to be leading the charge to help bridge the divide between traditional finance and the world of crypto.”
