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Terra network halt leaves LUNA-based ETPs unable to trade

VanEck, Valour and 21Shares have been forced to halt their LUNA-based exchange-traded products (ETPs) as the Terra Network remains halted.  All three products trade in the European markets, offering exposure to the Terra network. Those products have crashed with the de-pegging of LUNA, as their shares are tied to the underlying asset price.  Issuer VanEck announced today that it would suspend creations and redemptions for its VanEck Terra ETN given the halts in the Terra Network. Terra halted its blockchain …

CoinShares reports drop in earnings amid crypto market slump

European digital asset manager CoinShares reported declining first-quarter profit as trading revenue sank. Adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) fell to £18.7 million ($23 million), down from £34.2 million a year earlier, according to a statement on Tuesday. Income from capital markets tumbled 55% as revenue from so-called delta neutral options trading strategies almost evaporated. The decline was offset by more than £6 million in income from decentralized finance (DeFi).  “While the market conditions of Q1 2021 …