FalconX Acquires ETP Provider 21shares in Major Consolidation Move

FalconX has agreed to acquire 21shares, provider of the world's largest suite of cryptocurrency exchange-traded products, in one of the most significant ETP industry transactions in recent years.

The acquisition, announced Wednesday, brings together 21shares' asset management expertise with FalconX's institutional-grade prime brokerage infrastructure, combining firms that have facilitated over $2 trillion in trading volume with a platform managing over $11 billion across 55 listed products as of September 30.

21shares will remain independently managed under the FalconX umbrella following completion, with CEO Russell Barlow continuing in his role. No changes to existing 21shares ETPs in Europe or ETFs in the United States are planned.

"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. "Extending that infrastructure into listed markets through 21shares is a natural next step toward strengthening market efficiency."

Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21shares reaches millions of customers globally through its ETP product suite and proprietary technology platform.

"Over the past 8 years, we have built the 21shares business from $0 to more than $11 billion in AUM," said founders Snyder and Rashwan. "We are sincerely looking forward to FalconX continuing to build on this strong foundation for the next chapter of 21shares' development."

FalconX serves more than 2,000 institutional clients through its crypto-native trading, credit, and technology infrastructure. The acquisition marks the firm's third strategic transaction in 2025, following integration of Arbelos Markets and a majority stake in Monarq Asset Management earlier this year.

The deal positions FalconX to accelerate creation of investment products meeting institutional and retail demand for regulated digital asset exposure. The combined entity will leverage 21shares' distribution network and product development capabilities alongside FalconX's structuring capabilities and risk management platform.

"Our goal has been to make crypto investing available to everyone through industry-leading exchange-traded products," said Barlow. "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."

FalconX has expanded across Latin America, Asia-Pacific, and EMEA throughout 2025 as part of its strategy to strengthen its global franchise across trading, asset management, and market infrastructure.

Financial terms of the transaction were not disclosed.