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European digital asset manager CoinShares has launched a new exchange-traded product (ETP) tied to Toncoin (TON), the native cryptocurrency of The Open Network (TON), a blockchain closely integrated with the messaging app Telegram.
European investors,
We are pleased to announce the launch of the CoinShares Physical Staked Toncoin ETP!
This is a 100% physically-backed, zero-fee ETP which provides secure exposure to @ton_blockchain, as well as 2% staking yield.
As always, ifully transparent. pic.twitter.com/uKyFkgMdLx
— CoinShares (@CoinSharesCo) October 28, 2025
The product, named CoinShares Physical Staked Toncoin ETP (CTON), began trading in U.S. dollars on the SIX Swiss Exchange on October 28. It enables European investors to gain regulated exposure to Toncoin without direct token custody.
A Fully-Backed, Yield-Generating Toncoin ETP
Unlike derivative-based products, the CTON ETP is physically backed, meaning it directly holds Toncoin tokens in secure custody. This design allows investors to benefit from staking yields generated by the underlying TON network.
Led by CoinShares CEO Jean-Marie Mognetti, the launch aims to provide institutional and retail investors with a compliant access route to the rapidly growing TON ecosystem. “TON represents an interesting convergence of real-world application and digital payments infrastructure,” Mognetti said, highlighting the blockchain’s deep integration with Telegram’s massive user base.
TON , with over 900 million active Telegram users potentially connected to its ecosystem, has emerged as one of the fastest-growing Layer-1 blockchains.
Institutional Appeal and Technical Strength
CoinShares cited TON’s impressive transaction throughput, over 104,000 transactions per second, as a key factor behind the product’s launch. The platform’s scalability, combined with Telegram’s global reach, positions it as a potential driver of mainstream blockchain adoption.
At the time of announcement, Toncoin’s market capitalization stood at approximately USD 5.7 billion, down about 59% year-to-date. Still, the launch news was well received, pushing the TON token up 5% to USD 2.30 within 24 hours.
Investors in the CTON ETP will earn an estimated 2% annual staking yield, though returns may fluctuate depending on network conditions and operational costs. In a strategic move to lower entry barriers, CoinShares has set the management fee at 0% during the launch period.
The company noted that demand for regulated, custodied, and auditable crypto investment products is accelerating among institutional clients. CTON’s debut marks another step toward integrating compliant digital asset vehicles within Europe’s traditional financial system.
Broader Implications for ToncoinETP
The Toncoin ETP launch reinforces CoinShares’ position as a pioneer in digital asset ETPs, following previous listings for Bitcoin, Ethereum, and Solana. Analysts see CTON as a bridge between Telegram’s vast ecosystem and institutional investors seeking structured exposure to emerging blockchain networks.
As regulated access expands, products like CTON could play a crucial role in mainstream crypto adoption, providing secure onramps for both traditional finance and the next generation of digital users.
