A Year On, Valour's Pi Network ETP Has Little to Show When Valour, a subsidiary of Nasdaq-listed DeFi Technologies, launched Europe's first Pi Network exchange-traded product in August 2025,
When Valour, a subsidiary of Nasdaq-listed DeFi Technologies, launched Europe's first Pi Network exchange-traded product in August 2025, it was billed as a milestone for @PiCoreTeam's ambitions in regulated finance. More than a year later, the numbers tell a sobering story. The Valour Pi ($PI) ETP holds only $15,671 in assets at the time of writing, barely enough to register on any institutional radar.
The product trades on Sweden's Spotlight Stock Market, denominated in Swedish kronor, and carries a 1.9% annual management fee. It gives European investors regulated, exchange-traded exposure to $PI through ordinary brokerage accounts, without the need to hold the token directly. Valour operates more than 85 crypto ETPs across European exchanges, so the Pi product is far from a standalone experiment. But within that broad lineup, it stands out for the wrong reasons.
Geography is one constraint. The ETP is available only in Europe, locking out the larger US retail and institutional market. But the more pressing issue is the token itself. $PI launched its open mainnet in February 2025 and briefly reached an all-time high of $2.99, according to data tracked by BingX. Since then, the trajectory has been sharply downward. By early October 2026, $PI was trading around $0.088, representing a decline of roughly 66% over the past year, a drop that has clearly weighed on appetite for the ETP.
Persistent selling pressure from scheduled monthly token unlocks has compounded the problem. Hundreds of millions of $PI tokens have been released into circulation each month throughout 2026, consistently outpacing demand. With the token near its all-time lows and sentiment broadly bearish, there is little to attract fresh capital into a fee-bearing wrapper that tracks an already-declining asset.
The ETP's tiny asset base is a reminder that regulated access alone does not generate investor interest. For Valour's Pi product to grow, the underlying token would first need to demonstrate a credible recovery. Until then, the $15,671 figure stands as a frank measure of where institutional confidence in Pi Network currently sits.
Sources:CryptoRank: PI token gets first exchange-traded product in EuropeValour: Valour Pi SEK product pageBingX: 2026 Pi Tokenomics Guide
