Kaiko Indices has been named the benchmark provider for the 21Shares Canton Network ETF, adding an independent reference-rate layer to TCAN.
The fund, listed on Nasdaq under the ticker TCAN, launched on May 7, 2026. 21Shares describes it as the first U.S. ETF designed to offer investors exposure to $CC, the native utility token of Canton Network.
Kaiko said its reference rates will serve as the independently governed benchmark underpinning the fund. For TCAN, that benchmark is central to how the product is priced, tracked and understood by market participants.
That matters because crypto ETFs depend on more than the asset they track. They also need reliable pricing inputs, clear methodology and market data that investors can evaluate. As ETF products move beyond Bitcoin and Ethereum, that layer becomes more important.
Kaiko’s role in Canton also predates the ETF. The company said it published the first regulated $CC reference rate shortly after $CC began trading on centralized exchanges. It also said the benchmark was later integrated for Canton Super Validator price submissions.
The announcement extends Kaiko’s wider relationship with 21Shares. On April 30, 2026, 21Shares transitioned the underlying index provider for a broad segment of its European single-asset ETP suite to Kaiko Indices. One week later, that relationship now includes the U.S.-listed Canton ETF.
For Canton, the point is simple. TCAN gives investors a familiar vehicle for exposure to $CC. Kaiko’s benchmark role adds the pricing framework behind that vehicle.
The fund carries a gross expense ratio of 0.50%. Teucrium Investment Advisors serves as adviser, 21Shares US LLC serves as subadviser, and PINE Distributors LLC is the distributor for the fund.
TCAN does not remove the usual considerations that come with crypto-linked investment products. But it does place $CC exposure inside a more recognizable market structure, with an exchange listing, adviser, subadviser, distributor and benchmark provider around it.
Benchmarks rarely lead the story. In this case, they are the part worth watching. They show how $CC is being connected not only to crypto markets, but to the pricing and product infrastructure used by traditional finance.
