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Institutional digital asset prime brokerage FalconX has completed its acquisition of crypto exchange-traded product provider 21Shares, strengthening its global presence across the US, Europe and Asia-Pacific and accelerating the convergence of listed markets with digital asset infrastructure.
The deal enhances FalconX's ability to integrate trading, asset management and market-structure services under one umbrella, positioning the group to compete more broadly with traditional financial institutions entering the digital asset ETP and derivatives markets.
Raghu Yarlagadda, Chief Executive Officer of FalconX, said the acquisition significantly expands the firm’s product range and ability to innovate across exchange-traded and over-the-counter digital asset markets.
This acquisition enhances FalconX's product and structuring capabilities and reinforces our position as a global financial leader. The combination of FalconX's institutional trading and risk management platform with 21shares' leadership in exchange-traded products puts us in an even stronger position to accelerate innovation and broaden access to digital assets.
Raghu Yarlagadda, CEO, FalconX
Russell Barlow, Chief Executive Officer of 21Shares, said the group’s product innovation track record would be expanded under FalconX ownership.
In 2018, we launched one of the world's first physically backed crypto ETPs in Europe. Since then, we have continued to pioneer product innovation, becoming the first to launch several crypto ETPs across multiple jurisdictions. FalconX's scale will allow us both to deliver greater offerings and services to our clients, while building on our shared values and our crypto-native roots.
Russell Barlow, CEO, 21Shares
Under the transaction, crypto ETP provider 21Shares will continue to operate independently within the FalconX group. Barlow will remain Chief Executive Officer of 21Shares and will work closely with FalconX leadership to progress a joint roadmap. No structural or investment objective changes are planned for existing 21Shares ETPs in Europe or its ETFs in the US.
The acquisition marks the culmination of a highly active year for FalconX. In January 2025, digital asset trading firm Arbelos Markets was acquired to strengthen FalconX’s position in crypto derivatives. In June 2025, FalconX took a majority stake in Monarq Asset Management, expanding its capability to offer actively managed digital asset strategies and diversifying its business lines.
FalconX said the integration of these businesses supports its broader mission to connect traditional financial market infrastructure with the digital asset ecosystem, delivering more seamless access to crypto assets across global markets.
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