21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC) is an exchange-traded fund that provides investors with passive exposure to the performance of the FTSE Crypto 10 ex Bitcoin Select Index, comprising the ten largest cryptocurrencies by market capitalization excluding Bitcoin; the fund invests in ETFs, ETPs and other financial instruments tracking assets such as Ethereum and Solana for smart contracts and DeFi, Dogecoin as a community asset, and other blockchain networks focused on real-world applications beyond Bitcoin macro hedging; it features a net expense ratio of 0.65%, quarterly rebalancing to reflect market shifts, and trades on NYSE Arca without requiring investors to manage wallets or private keys. Listed Funds Trust serves as the registrant, with 21Shares as the issuer managing the product. The ETF targets institutional and retail investors seeking diversified cryptocurrency exposure in a regulated '40 Act structure.
Launched in November 2025 in collaboration with advisory firm Teucrium, TXBC represents one of the first cryptocurrency index ETFs registered under the U.S. Investment Company Act of 1940, alongside the companion 21Shares FTSE Crypto 10 Index ETF (TTOP); this rollout accelerates regulated access to top digital assets amid rising demand for diversified crypto products. In October 2025, parent company 21Shares was acquired by FalconX, a leading institutional digital asset prime brokerage, in a strategic transaction that unites ETP infrastructure with prime brokerage services to advance digital asset investment products and converge traditional finance with blockchain innovation. The acquisition marks FalconX's third major deal in 2025, enhancing 21Shares' capacity for product development and distribution.
21Shares, founded in 2018 and headquartered in Zurich, Switzerland, with significant U.S. operations, operates globally across Europe, the U.S. and Asia-Pacific regions; it specializes in the cryptocurrency investment management segment, offering a suite of ETPs and ETFs tracking single assets, baskets and indices for qualified and retail investors. TXBC primarily serves U.S. markets through exchanges like NYSE Arca, with assets under management recently around $900,000 and trading volumes supporting liquidity for diversified blockchain adoption beyond Bitcoin. The fund emphasizes transparency, oversight akin to traditional ETFs, and evolution with quarterly index adjustments to capture leading non-Bitcoin crypto assets.