FalconX, an institutional digital asset prime brokerage, has agreed to acquire 21Shares, the provider of the world’s largest range of cryptocurrency exchange-traded funds and products (ETFs/ETPs).
The transaction marks a significant step in FalconX’s strategy to bridge listed markets and digital assets, expanding its presence across the US, Europe, and Asia-Pacific.
The acquisition combines 21Shares’ expertise in asset management product development and distribution with FalconX’s institutional-grade infrastructure, structuring capabilities, and risk management platform.
Together, the firms aim to develop investment products that address growing institutional and retail demand for regulated digital asset exposure.
Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21Shares manages over US$11 billion in assets across 55 listed products as of 30 September.
Its technology platform and established partner network have supported rapid product development and market expansion.
FalconX, co-founded by Raghu Yarlagadda, has facilitated over US$2 trillion in trading volume and serves more than 2,000 institutional clients through its trading, credit, and technology infrastructure.
Raghu Yarlagadda
“21Shares has built one of the most trusted and innovative product platforms in digital assets,”
said Raghu Yarlagadda, CEO of FalconX.
“We’re seeing a convergence between digital assets and traditional financial markets, as crypto ETPs open new channels for investor participation through regulated, familiar structures. Extending FalconX’s infrastructure into listed markets through 21Shares is a natural next step.”
Russell Barlow
“Our goal has been to make crypto investing accessible through leading exchange-traded products,”
added Russell Barlow, CEO of 21Shares.
“FalconX will enable us to expand our reach and respond more effectively to the evolving needs of digital asset investors.”
Following completion, 21Shares will remain independently managed under the FalconX group.
Barlow will continue as CEO, working with FalconX’s leadership to advance a shared vision for the digital assets sector.
No changes are planned to the construction or investment objectives of existing 21Shares ETPs in Europe or ETFs in the US.
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