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FollowingOne year later: Valour's Pi Network ETP performed poorly
In August 2025, Valour, a subsidiary of Nasdaq-listed DeFi Technology, launched Europe's first Pi Network exchange-traded product (ETP). At the time, the move was seen as an important milestone in @PiCoreTeam's ambitions in the regulated financial sector. However, more than a year later, the data tells a sobering story.
The asset size is minimal
As of this writing, Valour Pi ($PI) ETP holds only US$15,671 in assets, which is hardly enough to attract the attention of any institutional investor. The product is traded on the Swedish Spotlight stock market, is denominated in Swedish krona, and charges a management fee of 1.9% per year. It allows European investors to gain regulated, exchange-traded exposure to $PI through ordinary brokerage accounts without having to hold tokens directly. Valour operates more than 85 cryptocurrency ETPs on European exchanges, so the Pi product is by no means an isolated experiment. But among its broad product line, it stands out for negative reasons.
Price performance is a bigger issue
Geographical limitations are a constraint. The ETP is available only in Europe, excluding the huge retail and institutional investor markets in the United States. But the more pressing issue lies with the token itself. According to data tracked by BingX,$PI opened its main network in February 2025 and briefly hit an all-time high of $2.99. Since then, its trend has declined sharply. By early October 2026,$PI was trading at approximately US$0.088, a decline of approximately 66% over the past year. This decline has clearly weakened market demand for ETP.
This problem is exacerbated by the continued selling pressure caused by regular monthly token unlocks. Throughout 2026, hundreds of millions of $PI tokens will enter circulation every month, always exceeding market demand. With token prices near historical lows and generally bearish market sentiment, it is difficult to attract new capital into this fee-based packaged product that tracks devalued assets.
Regulated access does not equal investor interest
This ETP's extremely small asset base reminds us that simply providing regulated access channels cannot stimulate investor interest. For Valour's Pi products to grow, the underlying tokens must first show credible signs of recovery. Prior to this, the figure of $15,671 truthfully reflected the current level of confidence in Pi Network.
