Crypto asset manager 21Shares is launching an exchange-traded product for Polkadot's token

Cryptocurrency asset manager 21Shares, formerly known as Amun, is launching a Polkadot exchange-traded product (ETP).

The ETP is set to list on Switzerland's SIX exchange on February 4, 21Shares announced Tuesday. Once listed, it will allow investors to effectively hold Polkadot's native DOT token as stock.

21Shares said the product would be the "world's first" Polkadot ETP. Last week, 21Shares added DOT to its crypto index ETP (HODL), making the token the second-largest constituent after bitcoin. DOT replaced bitcoin cash, said the firm.

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Now after adding DOT to HODL, 21Shares said, it is the "perfect timing" to launch the new single-asset ETP tied to DOT.

21Shares offers a variety of ETPs that are listed on European exchanges. CEO Hany Rashwan said the firm aims to launch two to three more "innovative" ETPs on more European exchanges in the foreseeable future.

As for DOT, the token has recently been in the limelight, especially after it briefly surpassed XRP in terms of market capitalization. DOT's market cap stands at around $16 billion as of the time of writing, while XRP's is at about $17.2 billion, according to tracker Coingecko.