How has Valour’s Pi Network ETP performed so far?

Table of Contents

desk of contents

How has the product construction and key phrases carried out since launch? The connection between liquidity and belongings below administration PI market efficiency Market sentiment and key challenges What are the probabilities of altering the scenario? Conclusion Supply: FAQ

Valour’s Pi Community ETP An exchange-traded product that gives regulated publicity to the Pi Community's native tokens. P.I.. The product is issued by Valor Inc., a subsidiary of DeFi Applied sciences, and is traded on the Swedish Highlight Inventory Market, a regulated diversified buying and selling facility.

The ETP is denominated in Swedish Krona (SEK) and can launch on August 27, 2025. That is absolutely backed by PI tokens held in chilly storage at licensed custodians akin to Copper. This construction permits buyers to realize value publicity to PI by way of a regular brokerage account with out straight holding tokens or managing non-public keys.

Established in 2019, Pi community focuses on cell accessible mining and launched its open mainnet in February 2025. Though the community reviews a big world consumer base and growing mainnet functions, PI stays unstable and stays sparsely built-in into main centralized exchanges.

Product construction and vital phrases

Valour's Pi Community ETP is open-ended and has no expiration date. One of many distinctive options is the multiplier. Every ETP unit represents publicity to roughly 9.9 to 10 PI tokens, adjusted on the market value of PI and the SEK alternate charge. This explains why ETP trades at a a lot greater nominal value than PI itself and shouldn’t be interpreted as a 1:1 tracker.

Annual administration payment is 1.9%. That is excessive in comparison with many crypto ETPs, which regularly have charges between 0.5% and 1%, and conventional fairness ETFs, which regularly have charges under 0.5%. The payment degree has drawn criticism from price-sensitive buyers and could also be weighing down demand.

Valor launched the PI ETP in 2025 as a part of a broader enlargement of SEK-denominated crypto merchandise. The corporate presently gives over 100 ETPs linked to over 30 digital belongings. The itemizing marks Pi Community's first regulated listed product in Europe and has proven curiosity from a few of the conventional monetary markets.

How has it carried out since its launch?

ETP has delivered weak outcomes since its debut. Value actions primarily mirror the PI spot market decline in late 2025 and early 2026, characterised by widespread weak spot within the total digital asset market.

Instantly after its launch, ETP was buying and selling close to its peak, with a value within the mid-SEK 20 and an preliminary internet asset worth of near SEK 34. By late September 2025, costs had already fallen to the low $20s. Buying and selling exercise was sparse, with belongings below administration reported to be only some thousand USD after the primary month.

This downward pattern continued till the final quarter of 2025. By late December, the ETP was buying and selling at roughly SEK 18.4, reflecting a gradual decline in PI's market worth. Getting into 2026, the product briefly traded close to SEK 20, however losses quickly returned.

As of February 6, 2026, ETP was buying and selling between 12.96 SEK and 13.13 SEK. At present alternate charges, this equates to roughly USD 1.20 to 1.22 per unit. 12 months-to-date efficiency in 2026 is estimated to be roughly -35%.

Liquidity and belongings below administration

Liquidity stays restricted all through the lifetime of the product. Each day buying and selling quantity on Highlight is usually within the single digits or lower than a number of hundred shares. Over a number of buying and selling days in January 2026, just one or two shares have been purchased or offered. This low exercise can widen spreads and make it tough to execute giant orders.

Property below administration additionally decreased considerably. Property below administration fell from round USD 100,000 reported in late 2025 to lower than USD 20,000 by early February 2026. These numbers place PI ETP because the smallest product in Valor's lineup, elevating questions on its long-term industrial viability if demand doesn’t enhance.

Relationship between PI and market efficiency

ETPs intently observe the value of PI, making an allowance for multipliers and foreign money conversions. The PI traded between USD 0.45 and USD 0.52 in mid-2025, however fell to round USD 0.20 by the tip of the 12 months. By early February 2026, PI was buying and selling round $0.14 to $0.15, down about 30% for the reason that starting of the 12 months.

Momentary value will increase related to product launches and community updates haven’t continued. The short-term rally in late August 2025, when the PI rose greater than 15%, subsided inside a number of weeks. Restrictions on real-world utilization, restricted entry to exchanges, and cautious sentiment throughout the crypto market are all weighing on costs.

Market sentiment and key challenges

Early press protection of the ETP described it as an vital step towards regulating entry to PI, significantly for European buyers. Some analysts and social media commentators initially anticipated the itemizing to help costs.

As efficiency knowledge was gathered, the tone modified. Commentary from late 2025 onwards focuses on the affect of low penetration, declining belongings below administration, and excessive administration charges. Discussions on social platforms usually emphasize multipliers to appropriate misconceptions, however the positive factors are nonetheless low.

Structural issues stay. ETPs are listed on just one alternate. Though PI's ecosystem is rising, it lacks some options discovered in additional established networks. Regulatory oversight of merchandise linked to cryptocurrencies additionally continues to form investor conduct.

What might change the scenario?

Valour's Pi Community ETP is presently solely listed on Highlight Inventory Market. This slender distribution has a transparent affect on buying and selling exercise. Because of the lack of secondary listings in giant European venues, each day volumes stay low and value actions could also be uneven. Restricted visibility additionally makes it much less seemingly that institutional buyers who require deeper liquidity or choose extra established exchanges will take part.

A broader listing footprint might doubtlessly handle a few of these constraints. Entry to further regulated exchanges might improve liquidity, cut back spreads and make the product extra accessible to a wider vary of buyers. Comparable crypto ETPs listed on a number of European markets have a tendency to draw greater asset administration and extra secure buying and selling patterns. Though no expansions have been introduced, such a transfer can be in keeping with Valor's technique for different merchandise in its portfolio.

Market circumstances are additionally vital. ETPs have entered a chronic downturn in digital belongings, which has weighed on each PI and exchange-traded merchandise linked to cryptocurrencies extra usually. A restoration within the broader crypto market is prone to drive up PI spot costs and enhance sentiment in the direction of associated merchandise. In that state of affairs, even modest inflows might have a big affect on ETPs with small asset bases.

Bettering the Pi Community improvement cycle might additionally enhance efficiency. Elevated mainnet utilization, clearer utility for PI, and broader alternate help can be straight mirrored in value discovery. Mixed with a broader ETP distribution, these components might stabilize buying and selling exercise and permit merchandise to raised mirror underlying demand reasonably than skinny market results.

At the moment, the one alternate construction and weak market background are figuring out ETP efficiency. Adjustments in both space don’t assure constructive returns, however they do take away a few of the structural constraints which have formed historic outcomes.

conclusion

Valour's Pi Community ETP has to date delivered unfavourable returns, low liquidity, and declining belongings below administration. Its efficiency displays each PI's value decline and product-specific components akin to charges and restricted market entry. On the identical time, ETPs exhibit how regulated buildings can present clear publicity to new crypto belongings. Future efficiency will rely on the development of PI's community, market circumstances, and whether or not investor curiosity expands past its preliminary slender viewers.