21Shares Launches Jupiter ETP on SIX Swiss Exchange, Providing Institutional Access to Solana DeFi

Executive Summary

21Shares has launched the 21Shares Jupiter ETP (AJUP) on the SIX Swiss Exchange, providing European institutional investors with regulated exposure to Jupiter (JUP), the primary liquidity engine on the Solana blockchain. This development expands 21Shares' crypto ETP offerings and integrates a key decentralized finance (DeFi) protocol into traditional financial markets.

The Event in Detail

On September 30, 2025, 21Shares AG, an issuer of cryptocurrency exchange-traded products, announced the launch of the 21Shares Jupiter ETP, trading under the ticker AJUP, on the SIX Swiss Exchange. The ETP offers investors transparent and institutional-grade access to Jupiter (JUP). Key financial specifications for the ETP include a 2.5% fee and availability in USD and EUR currencies. The product's ISIN is CH1480821383. Jupiter is noted for powering over 90% of Solana's trade aggregation, routing transactions across more than 20 decentralized exchanges. The platform has recorded over $1 trillion in lifetime trading volume and consistently maintains approximately $8 billion in weekly volumes over the past two years.

Market Implications

The introduction of the AJUP ETP signifies a further integration of crypto assets into traditional financial frameworks, providing regulated pathways for institutional capital into the Solana DeFi ecosystem. Jupiter's comprehensive platform extends beyond trade aggregation to include perpetual futures, limit orders, dollar-cost averaging, and a token launchpad. Its liquid staking derivative, JupSOL, is the fourth-largest staking derivative on Solana, and its lending marketplace, JupLend, launched in August 2025, has accumulated over $750 million in total value locked (TVL). These innovations collectively generate multiple revenue streams for the protocol, supporting the long-term growth potential of JUP.

Expert Commentary

Mandy Chiu, Head of Financial Product Development at 21Shares, stated that "Jupiter has cemented itself as the backbone of liquidity on Solana and is evolving into one of the most comprehensive DeFi hubs in the industry." She further emphasized that by listing AJUP, 21Shares is "giving investors institutional-grade access to a key pillar of Solana's growth story, and a project that is pushing the boundaries of what decentralized finance can achieve." This perspective highlights the strategic importance of Jupiter within the burgeoning Solana ecosystem and its role in broadening institutional engagement with DeFi protocols.

Broader Context

Jupiter's strategic roadmap includes the development of JupNet, an ambitious multi-chain liquidity network aimed at unifying liquidity across various blockchains. Currently in testnet, JupNet is slated for a public beta launch in late July or early August 2025, with a mainnet launch expected by year-end. JupNet is designed as an omnichain Layer 1 blockchain, featuring innovations such as DOVE (Decentralized Oracles that Validate and Execute) nodes, an optimized Jupiter SVM (Solana Virtual Machine), and an Omnichain Ledger Network for interchain verification. This expansion beyond Solana aims to position Jupiter as a cross-chain brokerage layer, tapping into the broader crypto ecosystem.

Jupiter's market position is characterized by its first-mover liquidity, evidenced by $61.2 billion in Q2 trading volume and a 42% DEX aggregator dominance. The broader DeFi landscape on Solana has demonstrated significant growth, with its TVL reaching $20 billion as of May 2025. While the ETP launch provides a bullish outlook, potential risks include market competition from new entrants like Bullet L2 and dilution risks associated with token unlocks. For instance, a 53.47 million JUP unlock in late September 2025, valued at approximately $0.426 per token, historically led to 5-10% price drops, similar to a 9% dip observed after a July 2025 unlock. 21Shares currently manages over $11 billion in assets under management (AUM) and offers over 50 physically backed crypto ETPs, reinforcing its leadership in regulated crypto product offerings globally.