Bitwise Launches Canton Network ETP on Deutsche Börse

Bitwise launched the Bitwise Canton ETP (BWCC) on Deutsche Börse Xetra on Tuesday, offering exposure to the native token of Canton Network (CC), a privacy-enabled permissioned blockchain developed with participation from institutions including Goldman Sachs, BNP Paribas, and Deutsche Börse. The product began trading with a total expense ratio of 0.85% per annum and seeks to track the Kaiko CANTO Reference Rate LDNLF index. The ETP is fully backed by CC tokens held in cold storage, according to Bitwise's announcement. Canton Network was developed by Digital Asset, a financial technology firm co-founded by DRW's Don Wilson, and launched in 2023. Participating institutions in the network include Goldman Sachs, BNP Paribas, Deutsche Börse, Microsoft, Moody's, S&P Global, Cboe Global Markets, and Deloitte. This European launch follows a U.S. market entry for the same asset.

Product Structure and Access

BWCC is issued by Bitwise Europe GmbH in Germany and can be bought or sold through traditional brokerage accounts without requiring investors to use a crypto wallet. The product forms part of Bitwise's broader European crypto ETP suite.

Strategic Positioning

"The Bitwise Canton ETP is a timely addition to our growing suite of European crypto ETPs," Bradley Duke, Managing Director and Head of Europe at Bitwise, said. "Canton Network stands apart as a blockchain platform built from the ground up for global financial markets, combining privacy, interoperability, and programmability in a way that is specifically designed to meet institutional compliance requirements."

Market Context

The European ETP launch follows the debut of the first U.S. ETF tied to the same asset. 21Shares listed the 21Shares Canton Network ETF (TCAN) on Nasdaq earlier this month, providing direct exposure to CC.

As of Tuesday, Canton's native token traded at $0.16, down 1.4% over the past 24 hours, with a market capitalization of $6.3 billion.