FalconX acquires leading ETP provider 21shares, accelerating the convergence of digital assets and traditional finance
- Acquisition unites FalconX’s market leading prime brokerage platform with 21shares' ETP infrastructure to advance digital asset investment products
- Marks FalconX’s third strategic transaction in 2025, underscoring its critical role in shaping the digital assets ecosystem
October 22, 2025 – FalconX, a leading institutional digital asset prime brokerage, today announced that it has agreed to acquire 21shares, the provider of the world’s largest suite of cryptocurrency exchange-traded funds and products (ETFs/ETPs). The transaction represents a major milestone in FalconX's strategy to accelerate the convergence of listed markets and digital assets, while strengthening its global presence across the US, Europe, and Asia- Pacific.
In one of the most significant ETP industry transactions in recent years, the acquisition brings together 21shares’ expertise in asset management product development and distribution with FalconX’s institutional-grade infrastructure, structuring capabilities, and risk management platform.
Together, the two firms will accelerate the creation of tailored investment products that meet growing institutional and retail demand for regulated digital asset exposure.
Since its founding in 2018 by Hany Rashwan and Ophelia Snyder, 21shares has grown into a global leader in digital asset ETPs, managing over $11 billion in assets across 55 listed products as of September 30, 2025. Its proprietary technology platform and highly established network of partners underpin its ability to bring new products to market quickly and at scale. FalconX, co-founded by Raghu Yarlagadda, has facilitated over $2 trillion in trading volume and a global client base exceeding 2,000 institutions, powered by its crypto-native trading, credit, and technology infrastructure.
“21shares has built one of the most trusted and innovative product platforms in digital assets,” said Raghu Yarlagadda, CEO of FalconX. “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.”
“Over the past 8 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,” said 21shares founders Ophelia Snyder and Hany Rashwan. “We are sincerely looking forward to FalconX continuing to build on this strong foundation for the next chapter of 21shares’ development.”
“Our goal has been to make crypto investing available to everyone through industry-leading exchange-traded products,” said Russell Barlow, CEO of 21shares. “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.”
Following completion, 21shares will remain independently managed under the FalconX umbrella. Mr. Barlow will continue as CEO of 21shares, working closely with the leadership team at FalconX to advance a shared vision for the future of the digital assets ecosystem. No changes to the construction or investment objectives of the existing 21shares ETPs (Europe) or ETFs (US) are planned.
This acquisition builds on FalconX’s 2025 strategy to strengthen its global franchise across trading, asset management, and market infrastructure. It follows the integration of Arbelos Markets and the majority stake taken in Monarq Asset Management earlier this year, alongside expansions in Latin America, APAC, and EMEA. As digital assets evolve into mainstream investment products, this move positions FalconX at the center of how institutions and investors gain access to the crypto economy.
About FalconX
FalconX is a leading digital asset prime brokerage for the world’s top institutions. We provide comprehensive access to global digital asset liquidity and a full range of trading services. Our 24/7 dedicated team for account, operational and trading needs enables investors to navigate markets around the clock. FalconX Bravo, Inc., a FalconX affiliate, was the first CFTC-registered swap dealer focused on cryptocurrency derivatives.
FalconX is backed by investors including Accel, Adams Street Partners, Altimeter Capital, American Express Ventures, B Capital, GIC, Lightspeed Venture Partners, Sapphire Ventures, Thoma Bravo, Tiger Global Management and Wellington Management. FalconX has offices in Silicon Valley, New York, London, Hong Kong, Bengaluru, Singapore and Valletta. For more information visit falconx.io or follow FalconX on X and LinkedIn.
“FalconX” is a marketing name for FalconX Limited and its affiliates. Availability of products and services is subject to jurisdictional limitations and FalconX entity capabilities. For more information about which legal entities offer particular products and services, please see the disclosure on our public website, incorporated herein, or reach out to your relationship contact.
About 21shares
21shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suites of physically-backed crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21shares delivers innovative, transparent and cost-efficient investment solutions.
For more information, please visit www.21shares.com.
