- EENA opens simple access to Ethena as USDe rises to nearly eight billion in assets.
- MORPH expands regulated exposure to Morpho with its rising lending markets on-chain.
- The new ETPs strengthen Europe’s growing demand for direct entry into DeFi systems.
21Shares strengthened its presence in Europe’s digital-asset market on December 3 with the introduction of two new exchange-traded products tied to rapidly scaling decentralized finance networks. The 21Shares Ethena ETP (EENA) and the 21Shares Morpho ETP (MORPH) are now available on major exchanges and give investors a regulated route into two of the most active infrastructure projects in the sector.
21Shares Debuts Ethena and Morpho ETPs (Source: X)
The launches arrived during a busy stretch for both tokens. ENA climbed nearly 18% on the day, helped by a surge in trading activity, while MORPHO advanced 7% as interest widened following the announcement. These moves underscored rising participation in the broader DeFi market and reflected the growing relevance of institutional-grade crypto instruments.
Ethena ETP Offers Access to USDe’s Expanding Market
Ethena has quickly become one of the most visible stablecoin engines in crypto, driven by the rise of USDe, its digital-dollar system built around a delta-neutral hedging model. The approach uses a combination of spot and perpetual markets to help USDe hold its $1 target.
In less than two years, this structure has attracted around $8 billion in assets, establishing the protocol as a major force in the fast-developing digital-dollar landscape. The newly listed EENA ETP, available on the SIX Swiss Exchange, tracks ENA, the token responsible for guiding Ethena’s internal parameters.
ENA influences elements such as collateral rules, risk settings, and the protocol’s planned fee-sharing processes for USDe and its yield-bearing counterpart, sUSDe. Ethena Labs recently marked a busy November, pointing to new listings, wider adoption of USDe, and continued upgrades to its data-transparency systems.
Despite this progress, ENA remains far below its record price of $1.52, trading near $0.2740 after the latest surge. For investors, the ETP removes the need to interface with decentralized systems directly, offering a familiar exchange-listed structure that mirrors the activity of a complex on-chain protocol.
Morpho ETP Extends Reach Into On-Chain Credit Markets
Notably, Morpho brings institutional-grade architecture to decentralized lending through Morpho Blue, a system that allows the creation of isolated, customizable lending markets. The protocol has scaled quickly, now supporting more than $9 billion in deposits and over $4 billion in active loans.
Ethena and Morpho ETPs Broaden Path Into DeFi Markets (Source: X)
Its design is already integrated into products used by companies such as Coinbase, Crypto.com, and Société Générale. The MORPH ETP, listed on Euronext Amsterdam and Euronext Paris, gives investors exposure to the protocol’s native token.
The structure provides a way to track Morpho’s growth without navigating smart-contract interfaces or taking on the operational demands of on-chain lending systems.
Morpho’s development team continues to focus on security and neutrality across its architecture. Co-founder Merlin Egalite recently emphasized the importance of immutable, non-custodial design for decentralized markets.
The protocol’s Vault V2 introduces timelocks, Sentinel oversight, and direct market-level redemption options to support these aims. MORPHO trades around $1.45, well off its earlier peak of $4.17, yet the new ETP listing now places the asset within reach of traditional investors across regulated markets.
Launch Strengthens 21Shares’ Position in the European ETP Market
The addition of EENA and MORPH expands a product suite that now includes more than 55 listed ETPs spanning single-asset trackers, thematic blends, and advanced DeFi-linked products. The company also recently cross-listed six more ETPs on Nasdaq Stockholm, covering assets such as Aave, Polkadot, Chainlink, and its Crypto Basket offerings.
Mandy Chiu, Global Head of Product Development, noted that Ethena and Morpho represent major advancements within the on-chain financial ecosystem, one reshaping the digital-dollar market and the other redefining decentralized credit.
These launches also follow the firm’s acquisition by FalconX, a move that broadened its access to liquidity networks and strengthened its distribution reach across Europe. By adding exposure to the key engines behind DeFi’s growth, stablecoin infrastructure, and programmable credit markets, 21Shares continues to anchor its role at the intersection of traditional finance and decentralized systems.
With regulated access now available for both networks, investors have new avenues to track the expansion of core digital-asset infrastructure through familiar exchange-traded products.
