In this insightful episode of Kiln DeFi Rendez-Vous, host Laszlo Szabo, CEO & Co-Founder at Kiln, sits down with Duncan Moir, President of 21Shares, the world’s largest crypto ETP issuer, for a deep dive into the explosive growth of Bitcoin ETFs, the evolving landscape of institutional crypto adoption, and what’s next for digital asset investing.Less than a year after their launch, Bitcoin ETFs have captured nearly 70% of the trading volume of gold ETFs (GLD)—a staggering milestone that underscores the pent-up demand for crypto exposure in traditional finance. Duncan breaks down why this is just the beginning, with the $40 trillion US pension fund market still largely on the sidelines.The conversation explores how major players like Goldman Sachs are entering the space, why Ethereum ETFs haven’t seen the same success as Bitcoin (yet), and the critical role of staking in ETPs—especially in Europe, where 21Shares has pioneered innovative products. Duncan shares his unique perspective on regulation, from the UK’s recent shift allowing retail crypto ETNs to the SEC’s cautious approach in the US.With over 40 crypto ETPs under its belt, 21Shares has become a bellwether for institutional crypto adoption. Duncan reveals how the company selects new assets, from blue-chip tokens to emerging altcoins, and why Dogecoin—often dismissed as a memecoin—has surprising institutional potential. He also discusses the growing intersection of traditional finance and on-chain assets, including the tokenization of real-world assets (RWA) like BlackRock’s BUIDL money market fund.Before joining 21Shares, Duncan spent years in hedge funds and asset management, eventually leading Aberdeen’s digital asset division and serving on the board of Hedera Hashgraph. He shares lessons from his journey, including how blockchain can streamline archaic financial systems and why crypto is maturing beyond speculative trading into a strategic portfolio allocation.PODCAST INFO:🌐 Website:https://www.kiln.fi/podcasts🟢 Spotify:https://open.spotify.com/show/0QSnhSLXxVDgBAUMnKnPz1🟣 Apple Podcasts:https://podcasts.apple.com/us/podcast/kiln-rendez-vous-podcast/id172924722600:00 – Intro & ETF Momentum02:49 – Duncan’s Crypto Journey05:27 – Tokenization & Hedera08:43 – ETF Adoption: US vs Europe10:39 – UK Retail & Regulation Shift14:12 – 21Shares Structure & Global Focus16:36 – ETH vs. BTC ETF Performance18:58 – Staking & Liquidity Constraints23:39 – Coin Coverage & Research Process27:17 – Tokenized Assets & Future Products30:26 – What Excites Duncan Today32:23 – Dogecoin & Community-Driven Use Cases