CoinShares Launches Toncoin ETP as TON Market Cap Falls Below $6B

CoinShares, a major digital asset investment firm in Europe, has launched a new exchange-traded product that offers exposure to Toncoin, the main token of The Open Network. The product, called CoinShares Physical Staked Toncoin (CTON), started trading this week on the SIX Swiss Exchange in Switzerland. It comes as TON’s market value drops below $6 billion, down 59% since the start of the year.

What Is CTON?

CTON marks CoinShares’ next step in expanding access to digital assets beyond the big names like Bitcoin and Ethereum. The company, which recently merged with Vine Hill Capital Investment Corp., is continuing to grow its ETP lineup across Europe, where demand for crypto investment products is increasing.

CoinShares highlighted TON’s strong performance and its connection to Telegram, which has over 900 million users. The firm described The Open Network as a blockchain that offers both speed and scale, handling more than 100,000 transactions per second.

Through CTON, investors can get exposure to Toncoin while earning automatic staking rewards. CoinShares said participants could expect around a 2% annual yield through TON’s validation system. The ETP is listed in U.S. dollars and available on major European exchanges alongside Physical Ethereum and Physical XRP. Earlier this month, CoinShares also added TON to its U.S.-listed Altcoins ETF (DIME), which includes Solana, Polkadot, and Cardano.

TON’s Recent Market Performance

Even with CoinShares showing more interest, TON’s market performance has stayed weak. Toncoin’s market cap is around $5.6 billion, down sharply from earlier this year. The drop follows the general slowdown in altcoin markets in 2025, as investors move toward bigger assets and stablecoins that pay yield.

Still, TON’s ecosystem keeps growing. Telegram has been adding more blockchain tools, including support for tokenized stocks and ETFs through the xStocks platform in Wallet in Telegram. This update lets users access 50 tokenized equities, some paying dividends, directly inside Telegram. It’s a big step toward making crypto-financial tools part of everyday use.

As for the TON’s price, it dropped over 3% after the CoinShares news, affected by market volatility and economic concerns. The price also fell below key support levels, triggering automated sales. Even so, TON’s fundamentals look strong, and CoinShares’ move seems to show faith in its long-term potential.

Institutional Interest and the European Crypto Landscape

CoinShares’ choice to list CTON on the SIX Swiss Exchange matches Europe’s growing support for crypto ETPs. The region has seen more interest from institutions looking for regulated ways to invest in digital assets, especially through products that mix staking rewards with the accessibility of regular exchanges.

Firms like 21Shares and WisdomTree have released similar ETPs linked to assets such as Avalanche and Polygon, showing how competition in this space is increasing. CoinShares stands out by focusing on lesser-known assets with strong communities and real-world use, aiming to connect new blockchain projects with institutional investors.

The timing is also worth noting. With TON’s market cap dropping below six billion dollars, CoinShares is entering at a lower price point. One analyst said the company isn’t chasing hype but investing in infrastructure instead. This strategy could pay off if Telegram’s crypto integration brings more users or if network activity grows in 2026. Adding staking rewards to CTON shows productive ownership, letting holders earn passive returns in the protocol.

What Does It Mean for the TON Community?

CoinShares’ launch of CTON highlights growing institutional interest in Toncoin despite its recent market decline. The ETP gives investors a regulated way to access TON while earning staking rewards.

For the TON community, this move signals confidence in the network’s long-term potential. With ongoing Telegram integration and ecosystem growth, TON may see stronger adoption in the future.