On May 7, 2026, 21shares listed the 21shares Canton Network ETF (Ticker: TCAN) on NASDAQ, the first U.S. exchange-traded fund (ETF) offering direct exposure to Canton Coin (CC), the native utility token of the Canton Network. Kaiko Indices reference rates serve as the independently governed benchmark underpinning the fund.
Why an ETF on Canton
The Canton Network was purpose-built for financial institutions, asset managers, and regulated companies to exchange assets and data on a shared blockchain while maintaining confidentiality, compliance, and operational control. Its consortium includes Goldman Sachs, Microsoft, and Deutsche Bank, which have participated in testing or serve as network validators and governance participants.
The network’s scale reflects active institutional usage: more than 1,000 validators, over 28,000 wallets, 600,000+ daily transactions, and $9 trillion in monthly transaction volumes. Key use cases span tokenized real-world assets, U.S. Treasury repo, private stablecoin payments, collateral mobility, and 24/7 financing workflows.
Canton Coin in Context
Since listing on centralized exchanges (CEXs), Canton Coin has diverged from the broader crypto market. While Bitcoin (BTC) declined roughly 30%, Ethereum (ETH) fell approximately 35%, and XRP dropped around 40%, CC recovered from an early drawdown to peak at approximately +30% in late February 2026. Correlation with BTC has been unstable, suggesting CC’s performance is driven more by ecosystem-specific developments than overall market direction.
Trading volume has been highly event-driven, with the largest spike following the launch of CBTC, the first Bitcoin-backed token on Canton, at the end of February.
Building the Benchmark From Day One
Kaiko’s involvement in the Canton ecosystem predates both TCAN and the European transition. When CC first listed on CEXs, Kaiko published the first regulated reference rate just hours after trading began. That benchmark was subsequently integrated for Canton Super Validators’ price submissions, establishing Kaiko as the pricing backbone of the ecosystem from day one.
Despite Canton Coin’s lower liquidity relative to large-cap digital assets, the asset meets the criteria of the Kaiko Indices methodology, which imposes minimum liquidity thresholds to ensure robust inclusion and preserve index stability.
“Products like TCAN demonstrate that institutional demand for regulated exposure to emerging blockchain ecosystems is real and growing. Kaiko has been part of the Canton ecosystem since the earliest days – we published the first regulated Canton Coin benchmark just hours after the coin listed on centralized exchanges. Building on our broader partnership with 21shares across their European and U.S. product suites, we are pleased to provide the independently governed benchmark that gives their investors the pricing transparency and reliability they expect,” said Anne-Claire Maurice, Managing Director for Derived Data at Kaiko.
A Partnership Built Across Two Continents
The relationship between Kaiko and 21shares has deepened rapidly. On April 30, 2026, 21shares announced it had transitioned the underlying index provider for a broad segment of its European single-asset exchange-traded product (ETP) suite to Kaiko Indices.
With listings across Euronext Paris, Euronext Amsterdam, the London Stock Exchange, and SIX Swiss Exchange, 21shares operates one of the largest and most diversified crypto ETP suites globally.
That European transition was driven by a specific need: as the digital asset market matures, institutional-grade pricing requires deep data coverage, particularly for emerging protocols and long-tail assets where liquidity is fragmented. Kaiko Indices’ methodology, built to navigate that fragmentation, ensures pricing accuracy across the full spectrum of 21shares’ product suite.
One week later, the partnership expanded to the U.S. with TCAN. The fund carries a gross expense ratio of 0.50%, is issued by 21Shares US LLC, and is advised by Teucrium Investment Advisors, LLC.
As the crypto ETF landscape broadens beyond Bitcoin and Ethereum, the demand for transparent, regulated, and independently governed pricing continues to grow. From powering 21shares’ European ETP suite to benchmarking the first U.S. Canton Network ETF, Kaiko Indices is at the center of that shift.
