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Digital asset prime brokerage FalconX has agreed to acquire cryptocurrency ETP provider 21shares, marking one of the most significant transactions in the digital asset investment space in recent years. The move combines FalconX’s institutional trading infrastructure with 21shares’ listed-product expertise to accelerate the development of regulated investment products bridging crypto and traditional finance.
The acquisition forms part of FalconX’s broader 2025 expansion strategy, following its integrations of Arbelos Markets and Monarq Asset Management earlier this year. Once completed, it will strengthen FalconX’s presence across the US, Europe and Asia-Pacific, positioning the firm at the centre of institutional access to digital asset markets.
Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21shares manages more than $11 billion in assets across 55 listed products as of 30 September 2025. The company operates one of the largest and most diversified crypto exchange-traded product suites globally. FalconX, co-founded by Raghu Yarlagadda, has facilitated over $2 trillion in trading volume for more than 2,000 institutional clients, supported by its trading, credit and technology infrastructure.
“21shares has built one of the most trusted and innovative product platforms in digital assets. We're witnessing a powerful convergence between digital assets and traditional financial markets, as crypto ETPs open new channels for investor participation through regulated, familiar structures. FalconX has built the institutional backbone for trading, derivatives, and credit, and extending that infrastructure into listed markets through 21Shares is a natural next step toward strengthening market efficiency. For FalconX, this is a deliberate, long-term investment in building durable enterprise value across market cycles.”
— Raghu Yarlagadda, CEO of FalconX
“Over the past eight years, we have built the 21shares business from $0 to more than $11 billion in AUM. We have scaled to reach millions of customers in every corner of the globe and brought them into crypto with our products and our research. We are sincerely looking forward to FalconX continuing to build on this strong foundation for the next chapter of 21shares' development.”
— Ophelia Snyder and Hany Rashwan, Co-Founders of 21shares
Following completion, 21shares will remain independently managed under the FalconX umbrella, with Barlow continuing as CEO. No changes are planned to the construction or investment objectives of existing 21shares ETPs in Europe or ETFs in the United States.
“Our goal has been to make crypto investing available to everyone through industry-leading exchange-traded products. Now FalconX will enable us to move faster and expand our reach. Together, we'll pioneer solutions that will meet the evolving needs of digital asset investors worldwide.”
— Russell Barlow, CEO of 21shares
The combination of FalconX’s institutional infrastructure with 21shares’ listed-product innovation underscores the accelerating convergence between crypto and traditional financial markets as institutional demand for regulated exposure continues to expand.
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