Institutional digital asset prime brokerage FalconX announced it has agreed to acquire the crypto-ETP/ETF leader 21shares, a strategic transaction intended to combine FalconX’s trading infrastructure with 21Shares’ product suite and global distribution. The move highlights FalconX’s ambition to converge listed markets and digital assets while expanding its presence across the US, Europe, and Asia-Pacific.
Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21Shares has grown to manage in excess of US$11 billion across 55 listed products as of September 30, 2025. FalconX itself, co-founded by Raghu Yarlagadda, boasts over US$2 trillion in facilitated trading volume and serves more than 2,000 institutional customers worldwide.
The acquisition is one of the most significant in the ETP/ETF crypto space in recent years. It brings together 21Shares’ asset management product development and distribution capabilities with FalconX’s institutional-grade platform and risk management infrastructure. According to the companies, the transaction will enable the combined business to accelerate the rollout of tailored investment products for both institutional and retail investors seeking regulated exposure to digital assets.
Under the terms of the deal, 21Shares will continue to operate under its existing management and retain its investment objectives for its current European ETPs and U.S. ETFs. Its CEO, Russell Barlow, will remain in place, and the business will be managed independently within the FalconX group.
This is the third strategic transaction for FalconX in 2025, following its prior moves into asset management and market infrastructure expansions, including integrations in Latin America, Asia-Pacific, and EMEA.
By coupling its institutional backbone with a leading product issuer, FalconX positions itself at the centre of the digital asset investment evolution — where traditional finance structures meet crypto-native infrastructure.
KEY QUOTES:
“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, FalconX
“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. We are sincerely looking forward to FalconX continuing to build on this strong foundation for the next chapter of 21Shares’ development.”
Ophelia Snyder & Hany Rashwan, Founders, 21Shares
“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, 21Shares
