FalconX, a leading institutional digital asset prime brokerage, 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.

.@FalconXGlobal is fully acquiring @21shares – a defining moment in the convergence of digital assets and traditional finance. 21shares is the world’s largest crypto-native ETF/ETP provider with over $11B in AUM and a track record of product innovation and operational excellence.… pic.twitter.com/GHz4eFfIYC

— Raghu Yarlagadda (@2Ragu) October 22, 2025

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.”

Enter the era of institutional adoption at scale.@21Shares with @FalconXGlobal means a one-stop shop:

– Depth and breadth of product suite (55+ ETPs globally)
– Regulated ETFs and ETPs investors already understand
– Asset management, trading, derivatives, and financing https://t.co/yBBp5dedlO

— Ophelia Snyder (@OpheliaBSnyder) October 22, 2025

“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.

Source: FalconX