Pi's Swedish ETP enters fifth month of limited trading activity

The Pi Swedish Krona (SEK) exchange-traded product (ETP), introduced by Valour, a subsidiary of DeFi Technologies, has been on the market for the fifth consecutive month on Sweden’s Spotlight Stock Market. However, the product has seen limited trading activity.

As reported by Cryptopolitan, the ETP hit the market, allowing traditional investors in the Nordic region and beyond to trade PI through standard brokerage accounts.

The ETP operates by having Valour acquire PI tokens from liquid exchanges, store them securely, and issue corresponding shares. Investor demand prompts Valour to buy or sell PI, which can affect market liquidity.

Valour PI SEK price performance mutes

As is the norm with other cryptocurrencies, the expectation was that the exchange would be flooded by Pi users, who are claimed to be over 47 million as of early 2024, or 60 million users, as cited in early 2025. However, performance to date has been muted, with a SEK price that has moved only modestly since its launch and limited trading volumes.

At the beginning of the year, the quoted price of Valour PI SEK was approximately 20 SEK per share, equivalent to €1.9–€2.0. This is a little below its all-time high of 25 SEK. 

In comparison to other Valour ETPs launched at the same time, Valour Pi (PI) SEK has been among the weaker performers in terms of visible market traction. The 1.9% annual management fee, which applies across the entire cohort, further weighs on net performance, especially for a product with limited trading activity.

Valour Shiba Inu (SHIB) SEK, which rolled at the same time, has been a little more visible in the market, with a price of 8–9 SEK per share and slightly more trade. Other ETPs from the same launch, including Valour Ondo (ONDO), Cronos (CRO), Mantle (MNT), VeChain (VET), Ethena (ENA), and Celestia (TIA), have also struggled to show strong secondary-market activity on Spotlight.

Although Valour is part of Nasdaq-listed DeFi Technologies, it has not had the intended impact to align Pi to real-world applications. Meanwhile, the Intraday price shows levels at 19.32 SEK and little turnover of 143 in volume. With these volumes, institutional adoption looks unlikely.

PI coin price could rebound as top whale activity increases

The native token of Pi Network has followed the overall resurgence of the broader crypto market since the start of 2026. Its valuation has climbed by 3.2% over the past seven days.

Market watchers are looking out for the upcoming protocol 23 upgrade and the launch of the DEX and AMM mainnet this year. The most significant event will be their activity and volume. 

A major Pi whale has continued to accumulate the coin. He transferred 313,565 tokens from OKX to OKX on Monday and 391,174 from OKX to a self-custody wallet. 

However, the coin has also shown stagnation in demand due to the fear that the Pi token unlocks will continue this year. PiScan data shows that some whales have started selling their coins. There are now 21 whales, down from last week’s high of 23. 

Analysts claim that  PI has been “consolidating tight” under key resistance after trending higher. The analyst suggested that the asset is ready for new peaks once it crosses $0.215. A potential PI listing on Binance can truly make the asset “take off.”

Meanwhile, on-chain data shows that Pi had a 24-hour volume of $8 million, making it one of the least traded tokens in the top 50. The coin has seen a decline of 1.6% in the last 24 hours, now trading at $0,2075.

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