How Has Valour’s Pi Network ETP Performed So Far?

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Table of Contents

Product Structure and Key TermsHow has it Performed Since Its Launch?Liquidity and Assets Under ManagementRelationship to PI’s Market PerformanceMarket Sentiment and Key ChallengesWhat Could Change the Picture?ConclusionSources:Frequently Asked Questions

Valour’s Pi Network ETP is an exchange-traded product that offers regulated exposure to Pi Network’s native token, PI. The product is issued by Valour Inc., a subsidiary of DeFi Technologies, and trades on Sweden’s Spotlight Stock Market, a regulated multilateral trading facility.

The ETP is denominated in Swedish krona (SEK) and launched on August 27, 2025. It is fully backed by PI tokens held in cold storage with licensed custodians such as Copper. This structure allows investors to gain price exposure to PI through standard brokerage accounts, without holding the token directly or managing private keys.

Founded in 2019, Pi Network focuses on mobile-accessible mining and launched its open mainnet in February 2025. While the network reports a large global user base and a growing number of mainnet applications, PI remains volatile and is still lightly integrated into major centralized exchanges.

Product Structure and Key Terms

Valour’s Pi Network ETP is open-ended and has no maturity date. One defining feature is its multiplier. Each ETP unit represents exposure to approximately 9.9-10 PI tokens, adjusted for PI’s market price and the SEK exchange rate. This explains why the ETP trades at a much higher nominal price than PI itself and should not be interpreted as a one-to-one tracker.

The annual management fee is 1.9 percent. This is high relative to many crypto ETPs, which often charge between 0.5 and 1 percent, and to traditional equity ETFs, which are frequently below 0.5 percent. The fee level has drawn criticism from price-sensitive investors and may have weighed on demand.

Valour launched the PI ETP as part of a wider expansion of SEK-denominated crypto products in 2025. The firm now offers more than 100 ETPs linked to over 30 digital assets. For Pi Network, the listing marked its first regulated exchange-traded product in Europe and signaled interest from parts of the traditional finance market.

How has it Performed Since Its Launch?

Since its debut, the ETP has delivered weak results. Price action has largely mirrored the decline in PI’s spot market during the second half of 2025 and early 2026, a period marked by broad weakness across digital asset markets.

Shortly after launch, the ETP traded near its peak, with prices in the mid-20s SEK and an initial net asset value reported near 34 SEK. By late September 2025, prices had already fallen into the low-20s. Trading activity was thin, and assets under management were reported at only a few thousand US dollars after the first month.

The downtrend continued into the final quarter of 2025. By late December, the ETP was trading at approximately 18.4 SEK, reflecting a steady decline in PI’s market value. Entering 2026, the product briefly traded near 20 SEK, but losses resumed quickly.

As of February 6, 2026, the ETP was trading between 12.96 and 13.13 SEK. At current exchange rates, this corresponds to approximately 1.20-1.22 US dollars per unit. Year-to-date performance for 2026 is estimated at about -35%.

Liquidity and Assets Under Management

Liquidity has remained limited throughout the product’s life. Daily trading volumes on Spotlight are often in the single digits or low hundreds of shares. On several trading days in January 2026, only one or two shares changed hands. Such low activity can widen spreads and make execution difficult for larger orders.

Assets under management have also declined sharply. From roughly 100,000 US dollars reported in late 2025, AUM fell to under 20,000 US dollars by early February 2026. These figures place the PI ETP among the smallest products in Valour’s lineup and raise questions about its long-term commercial viability if demand does not improve.

Relationship to PI’s Market Performance

The ETP has tracked PI’s price closely, once the multiplier and currency conversion are accounted for. PI traded between 0.45 and 0.52 US dollars in mid-2025 but fell to around 0.20 US dollars by year-end. By early February 2026, PI was trading near 0.14 to 0.15 dollars, down about 30 percent year to date.

Temporary price lifts tied to product launches or network updates have not held. A short rally in late August 2025, when PI rose more than 15 percent, faded within weeks. Limited real-world usage, restricted exchange access, and cautious sentiment across crypto markets have all weighed on prices.

Market Sentiment and Key Challenges

Early coverage of the ETP described it as an important step for regulated access to PI, especially for European investors. Some analysts and social media commentators initially expected the listing to support prices.

That tone shifted as performance data accumulated. Commentary since late 2025 has focused on low uptake, falling AUM, and the impact of the high management fee. Discussions on social platforms often emphasize the multiplier to correct misconceptions, yet still yield poor returns.

Structural issues remain. The ETP is listed on only one exchange. PI’s ecosystem, though expanding, lacks some features seen in more established networks. Regulatory scrutiny of crypto-linked products also continues to shape investor behavior.

What Could Change the Picture?

Valour’s Pi Network ETP is currently listed only on the Spotlight Stock Market. This narrow distribution has clear effects on trading activity. In the absence of secondary listings on larger European venues, daily volumes remain low, and price movements can be uneven. Limited visibility also reduces the likelihood of participation from institutional investors that require deeper liquidity or prefer more established exchanges.

A broader listing footprint could address several of these constraints. Admission to additional regulated exchanges would likely improve liquidity, tighten spreads, and make the product easier to access for a wider pool of investors. Similar crypto ETPs listed across multiple European markets tend to attract higher assets under management and steadier trading patterns. While no expansion has been announced, such steps would be consistent with Valour’s strategy for other products in its portfolio.

Market conditions also matter. The ETP entered a prolonged downturn in digital assets, which has weighed on both PI and crypto-linked exchange-traded products more generally. A recovery in the broader crypto market would likely lift PI’s spot price and improve sentiment toward related instruments. In that scenario, even modest inflows could have an outsized impact on an ETP with a small asset base.

Improvements to Pi Network’s development cycle could also enhance performance. Greater mainnet usage, clearer utility for PI, and wider exchange support would feed directly into price discovery. Combined with wider ETP distribution, these factors could stabilize trading activity and make the product more reflective of underlying demand rather than thin-market effects.

At present, the single-exchange structure and weak market backdrop define the ETP’s performance. Changes in either area would not guarantee positive returns, but they would remove some of the structural constraints that have shaped results to date.

Conclusion

Valour’s Pi Network ETP has so far delivered negative returns, low liquidity, and declining assets under management. Its performance reflects both PI’s price drop and product-specific factors such as fees and limited market access. At the same time, the ETP shows how regulated structures can provide transparent exposure to newer crypto assets. Its future performance will depend on PI’s network progress, market conditions, and whether investor interest broadens beyond a narrow early audience.