TLDR
- CoinShares launched a Toncoin ETP on SIX with a 2% staking yield.
- TON market cap has dropped 59% year-to-date to reach $5.7 billion.
- Toncoin is also included in CoinShares’ US-based Altcoins ETF DIME.
- TON trades at $2.30 and ranks 35th by crypto market capitalization.
CoinShares, a leading European digital asset manager, has introduced a new exchange-traded product (ETP) for Toncoin (TON) amid the token’s sharp decline in value. Despite TON losing nearly 60% of its market cap since the beginning of the year, CoinShares sees potential in its connection with Telegram, which has over 900 million users globally.
New Toncoin ETP Debuts on SIX Exchange
On Tuesday, CoinShares launched the CoinShares Physical Staked Toncoin ETP under the ticker CTON on Switzerland’s SIX exchange. The product gives institutional and retail investors exposure to Toncoin, the native token of The Open Network (TON), a blockchain linked to the Telegram platform.
The ETP trades in US dollars and includes a 2% staking yield from network validation rewards. This means holders of CTON will automatically receive staking rewards while gaining price exposure to the token. CoinShares stated, “With Telegram’s 900+ million active users and TON’s high-performance capabilities of over 104,000 transactions per second, the blockchain combines technical performance with existing market reach.”
This marks CoinShares’ latest move in offering more blockchain-based investment tools in regulated financial markets.
TON’s Price Drop and Market Cap Decline
At the time of the launch, Toncoin was trading at $2.30, reflecting a 5% daily increase. However, the token’s broader trend has been downward. According to CoinGecko data, TON’s market capitalization dropped 59% year-to-date, falling from over $13 billion to around $5.7 billion.
Despite the token’s weak market performance, CoinShares chose to move forward with the ETP. This comes as TON ranks 35th by market cap among global cryptocurrencies. The timing suggests CoinShares is focused on long-term user growth and Telegram’s expanding role in blockchain integrations rather than short-term market trends.
TON Also Included in CoinShares’ Altcoins ETF
CoinShares has already included Toncoin in other products. TON is one of several altcoins in the CoinShares Altcoins ETF (DIME), which trades in the United States. The DIME ETF launched earlier in October and features a mix of crypto assets such as Solana (SOL), Polkadot (DOT), Cardano (ADA), and Cosmos (ATOM).
This ETF allows US-based investors to access a diversified basket of altcoins through traditional financial infrastructure. The launch of CTON in Europe further expands CoinShares’ strategy of giving global investors regulated exposure to emerging blockchain ecosystems.
The inclusion of Toncoin in both European and US products shows that CoinShares continues to support the token, even during its downturn.
Telegram Expands Crypto Features Through Wallet App
The launch of CTON follows new developments in the Telegram ecosystem. On Monday, Wallet in Telegram, a third-party crypto wallet application, introduced tokenized shares of 50 stocks and ETFs, some of which offer dividend payouts. This move positions Telegram-linked tools as broader fintech platforms, not limited to just crypto transfers.
The growing range of financial products available within Telegram could help TON gain more visibility. However, the token’s price response to these updates has remained modest. Investors may be watching closely for adoption metrics rather than market announcements before taking further action.
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