CoinShares Banks on Telegram’s User Base with New Toncoin ETP, Defying Bearish Trend

CoinShares is making a clear strategic wager that the massive user base of messaging app Telegram will ultimately drive the value of its integrated blockchain, The Open Network (TON). The European asset manager has launched a staked ETP for Toncoin even as its market cap languishes below $6 billion.

The product, CoinShares Physical Staked Toncoin (CTON), began trading on the SIX Swiss Exchange and provides a 2% staking yield. The launch signals that CoinShares is looking beyond TON’s recent price action—a 59% decline year-to-date—and focusing on its foundational potential.

“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,” the company said.

This is not CoinShares’ first move on TON; the asset was already included in the firm’s recently launched Altcoins ETF (DIME). The creation of a single-asset, yield-generating ETP, however, represents a significant escalation of this bet, offering a pure-play investment thesis on the Telegram ecosystem.