Fineqia launches world’s first DeFi yield Cardano ETN

Fineqia AG, the European subsidiary of digital assets and investment firm Fineqia International, has unveiled the first-ever exchange-traded note that deploys Cardano assets for yield bearing in decentralized finance.

The Fineqia FTSE Cardano Enhanced Yield ETN, which went live on the Vienna Stock Exchange on Jan.24, will allow investors to tap into opportunities around Cardano (ADA) price appreciation while still earning yield regardless of the underlying asset’s price movement. 

ETNs are debt instruments that collateralize an exchange-traded product’s underlying asset, including crypto. The Cardano ETN, which trades under the ticker YADA, provides access to yield by deploying ADA across yield-bearing DeFi protocols.

The global DeFi market currently holds over $155 billion in total value locked across various protocols. According to DeFiLlama, the TVL peaked at $207 billion during the last bull market. Meanwhile, research platform Statista estimates that the global DeFi ecosystem could see its revenue grow to $542 billion by 2025.

Fineqia’s offering is a collaboration with FTSE Russell, a subsidiary of the London Stock Exchange, which will serve as the ETN’s index provider.

The launch of the Cardano ETN follows Fineqia AG’s base prospectus approval from the Liechtenstein Financial Market Authority. Approval from the FMA allows the company to issue crypto-backed exchange-traded notes across the European Union.

YADA adds to the growing crypto ETN market in the EU, with a third of the 139 products listed on the Vienna Stock Exchange. Increased adoption of digital assets as investment vehicles has led to the availability of over 220 crypto ETPs globally. These products currently account for more than $216 billion in assets under management.

Among these ETPs are U.S. spot Bitcoin ETFs, which have recorded over $121 billion in AUM since their debut in January 2024. Experts attribute the positive market sentiment to Trump’s victory and assumption of office.

Spot Bitcoin ETFs have seen over $4.2 billion in net inflows year-to-date, reflecting the broader optimism surrounding the market.