Sina Meier: «Bitcoin is Increasingly Establishing Itself as a Safe Haven Asset»
Since the beginning of the year, 21Shares has been led by a new leadership duo, aiming to leverage the more regulatory-friendly environment for international expansion. Swiss country head Sina Meier also sees significant potential in the domestic market. In this interview, she talks about the maturing crypto market, its vast growth potential, the impact of the Trump shock, the security of cold storage, hashrate as an indicator, and BlackRock’s market entry.
Founded in 2018, the financial institution describes itself as a first-mover and the largest provider of crypto-based Exchange Traded Products (ETPs). 21Shares currently offers around 50 ETPs listed on 15 different stock exchanges, covering classics like Bitcoin and Ethereum, but also less common ones like Ondo or Dogecoin.
Since the start of the year, the crypto-ETP specialist – whose mission is to make crypto accessible to everyone – has been led by a new executive duo: Russell Barlow as CEO and Duncan Moir as Chairman. Both transitioned from the hedge fund industry into crypto. A few weeks ago, they were in Zurich at the 21Shares headquarters, which also has offices in London and New York.
Bitcoin: Store of Value, Not Means of Payment
Moir highlighted the company’s strong research department – a strength he wants to market more prominently. Barlow is pushing for further international expansion, supported by the trend of increasingly crypto-friendly regulators in the US and the anticipated removal of the ETP ban in the UK.
Crypto assets are also becoming part of standard asset allocations used by banks for their clients. However, even Barlow admits that Bitcoin has not fulfilled its original promise as an alternative means of payment outside the traditional banking system.
«Its use case as a store of value is far stronger.»
Domestically, 21Shares also wants to build momentum and continue growing – recently launching a new advertising campaign. Finews.com sat down with Sina Meier, Head of Switzerland since 2020, to discuss this unique asset class.
Ms. Meier, how did the crypto market react to Donald Trump's «Liberation Day»?
Trump’s tariff announcement rattled the markets: stocks tumbled worldwide, particularly in the tech sector, and recession fears resurfaced. Bitcoin initially corrected—typical for an asset that trades 24/7 and often acts as an early indicator of market sentiment when traditional markets are closed.
And what’s the current outlook?
Bitcoin has proven remarkably resilient. Over the past two weeks, an interesting trend has emerged: while stocks continue to be sold off, Bitcoin is holding steady and increasingly establishing itself as a so-called safe-haven asset—similar to gold, which is hitting new record highs week after week.
Fundamentals remain strong, especially for Bitcoin: the hashrate—the total computational power used to process transactions—has reached an all-time high, institutional interest is growing, and the regulatory landscape is becoming clearer.
«This correction? It could turn out to be a real buying opportunity.»
The crypto market has matured significantly in recent years. Traditional banks and asset managers are now offering products and services. Is focusing solely on ETPs still the right strategy?
Yes, the market has evolved and offers more investment avenues. But from my many conversations with clients, I know that regulation and security remain key concerns. ETPs address these. We have no access to client assets, which are held in cold storage by certified custodians.
But hackers recently stole $1.5 billion from Bybit, despite cold storage.
True, the attackers were extremely sophisticated. But when it comes to assets held via ETPs, there are additional security measures in place that further reduce risk. That said, absolute security – just like with other asset classes—does not exist. But there are further advantages to ETPs...
«Unfortunately, as with other asset classes, there is no such thing as absolute security with ETPs.’»
Such as?
With ETPs, we fulfill our promise of making crypto easy to trade. Liquidity during exchange hours is excellent, and bid-ask spreads are narrow. ETPs are also highly cost-efficient, especially compared to actively managed products.
Why not launch a crypto Exchange Traded Fund (ETF)? The US introduced such ETFs last year.
Because regulations in Europe and Switzerland do not yet permit it. But to be precise: ETP is actually the umbrella term that includes ETFs, and our ETPs are technically Exchange Traded Notes (ETNs) or Exchange Traded Commodities (ETCs).
Why such a broad product range? Couldn’t fewer instruments meet the demand?
We operate exclusively in this niche and aim to not only meet current client needs but also act proactively and as a first mover. For example, we were ready when Ripple demand surged in 2024. Many of our clients are tech-savvy and understand that it's hard to predict what will prevail tomorrow. They don’t just want standard Bitcoin products—they want diversification.
To put it bluntly: when a bank launches an «innovative» structured product on crypto assets, we typically already offer it.
«When players like BlackRock enter the market, it builds trust among institutional investors.»
US giant BlackRock recently listed its first Bitcoin ETP outside the US in Switzerland. Isn’t that a threat to 21Shares?
We see their entry more as a validation of the trend that crypto is becoming a mainstream asset class. When trusted names enter the space, it builds confidence among institutional investors.
The crypto market is growing so rapidly – there’s room for many players.
The industry loves to talk about opportunities, but what risks do you see?
Regulatory uncertainty, security risks like hacking, bugs in smart contracts, exchange failures – and with young industries like crypto, a «black swan» event cannot be ruled out.
Switzerland’s financial regulator, Finma, is increasingly seen as restrictive, especially regarding stablecoin regulation, while other countries, including the US, actively promote the sector. Is Switzerland losing its edge?
Switzerland was one of the first countries to create a legal framework for crypto assets. Many players are still here, the ecosystem is intact, and the exchange within the industry is excellent. But given the growing competition, we must do even more to retain talent and foster innovation.
