Key Notes
- ENA jumped nearly 18% as trading volume almost doubled.
- MORPHO surged 7% and co-founder pointed out massive developments.
- 21Shares announced the debut of EENA and MORPH ETFs.
21shares, one of the leading crypto ETP issuers, revealed two new exchange-traded products tied to Ethena (ENA) and Morpho (MORPHO). The announcement resulted in a sharp uptick in the prices of the tokens.
The new products , the 21shares Ethena ETP (EENA) and the 21shares Morpho ETP (MORPH), now appear on major European exchanges such as SIX Swiss Exchange, Euronext Amsterdam, and Euronext Paris.
Today we’re proud to launch two new products: the 21shares Morpho ETP (MORPH) and the 21shares Ethena ETP (EENA). With these launches, we have now introduced 16 new fully physically backed ETPs in 2025. pic.twitter.com/pb1KbWwa2f
— 21shares (@21shares) December 3, 2025
The products offer investors direct access to rapidly expanding DeFi ecosystems through familiar, regulated financial rails.
“Ethena and Morpho represent two of the most important advances in on-chain financial infrastructure – one tackling the global dollar market and the other redefining decentralized credit,” said Mandy Chiu, Global Head of Product Development at 21shares.
This comes after 21Shares previously announced the cross-listing of six additional ETPs on Nasdaq Stockholm. These include 21shares Aave ETP (AAVE), Crypto Basket Index ETP (HODL), Cardano ETP (AADA), Chainlink ETP (LINK), Polkadot ETP (ADOT), and Crypto Basket 10 Core ETP (HODLX).
ENA Surges as Adoption Accelerates
Ethena’s native token, ENA, saw a massive 18% price surge and claimed a daily high of $0.2802. The token currently trades at $0.2783 with the rally pushing the market cap to $2 billion while trading volume nearly doubled to $367 million.
On the other hand, Ethena Labs described November as a period of intense expansion with ENA listed on new platforms. The project discussed broader oracle transparency, integrations with major partners, and wider adoption of USDe stablecoin.
Here's what happened @ethena_labs in November:
• $ENA went live on on @RobinhoodApp .
• $ENA went live on @HyperliquidX spot via @unitxyz .
• Launched Oracle Specifications Dashboard, providing transparency on partner oracle design, collateral availability, and risk…
— Ethena Labs (@ethena_labs) December 3, 2025
Despite the latest price jump, ENA trades far below its peak of $1.52.
MORPHO Turns Bullish
Meanwhile, Morpho token climbed 7% over the past day, reaching a high of $1.50 before trading near $1.45. Although still down significantly from its peak of $4.17, the debut of the MORPH ETP makes exposure to Morpho more accessible for traditional investors.
Morpho Blue, the protocol’s foundation, enables custom, risk-isolated credit markets that already support billions in deposits and active loans. Co-founder Merlin Egalite recently said that for DeFi to function as a neutral financial backbone, it must rely on immutable, non-custodial systems.
For DeFi to truly become the backbone of the financial system, protocols need to be immutable and non-custodial so the infrastructure stays credibly neutral: anyone should be able to use it safely without fearing being locked in or locked out.
This is why the Morpho team is… pic.twitter.com/AWcZJ1iTrZ
— Merlin Egalite 🦋 (@MerlinEgalite) December 2, 2025
Morpho’s Vault V2 design represents this through timelocks, independent Sentinel oversight, and mechanisms that allow users to redeem positions directly at the market level. These features aim to protect users while sustaining the protocol’s neutrality.
