FalconX, a leading institutional digital asset prime brokerage, has agreed to acquire 21shares, a global provider of cryptocurrency exchange-traded funds (ETFs) and exchange-traded products (ETPs). FalconX’s strategy is to unify listed markets and digital assets while expanding its global footprint across the U.S., Europe, and Asia-Pacific. 

The acquisition will combine 21shares’ expertise in crypto asset management, product development, and distribution with FalconX’s institutional-grade trading, structuring, and risk management platform. Together, the firms aim to deliver an integrated, regulated ecosystem that enhances access and transparency for institutional and retail investors alike. 

Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21shares has grown into one of the largest crypto ETP issuers globally, managing more than $11 billion in assets across 55 listed products as of September 30, 2025. FalconX, co-founded by Raghu Yarlagadda, has facilitated over $2 trillion in trading volume and serves a global institutional client base exceeding 2,000 firms. 

“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,” said Raghu Yarlagadda, CEO of FalconX. 

Following completion of the transaction, 21shares will remain independently managed under the FalconX umbrella. Russell Barlow will continue as CEO of 21shares, collaborating closely with FalconX’s leadership team. No changes are planned to the construction or investment objectives of existing 21shares ETPs in Europe or ETFs in the U.S. 

The deal follows FalconX’s recent strategic moves, including the integration of Arbelos Markets, a majority stake in Monarq Asset Management, and expansions across Latin America, APAC, and EMEA.