FalconX to Acquire 21Shares, Eyes IPO as Crypto ETF Deals Surge

Crypto prime brokerage FalconX has agreed to acquire Swiss-based crypto ETP and ETF issuer 21Shares, in a deal that consolidates one of the largest institutional trading platforms with one of the world’s biggest crypto exchange‑traded product providers. 21Shares, founded in 2018 by Hany Rashwan and Ophelia Snyder, manages more than $11 billion across over 50 listed crypto ETPs and ETFs, and has been a key issuer in the wave of spot bitcoin and other crypto exchange‑traded products in Europe and the US. Under the terms announced in late 2025, 21Shares will remain independently managed within the FalconX group, with CEO Richard Barlow continuing to lead the business and no changes planned to the structure or investment objectives of existing products. The acquisition is part of FalconX’s broader push to build a full‑stack digital asset franchise spanning trading, asset management, and market infrastructure as institutional and retail demand for regulated crypto exposure grows. By combining FalconX’s institutional trading, liquidity, and risk‑management platform with 21Shares’ product development and ETP/ETF distribution capabilities, the group aims to accelerate the creation of tailored crypto investment vehicles and strengthen its presence across the US, Europe, and Asia-Pacific. The transaction also positions FalconX to benefit from the surge in crypto ETF and ETP issuance and is being interpreted by market observers as a strategic step that could support a future initial public offering, as digital asset firms seek scale, regulatory credibility, and diversified revenue ahead of potential listings.

✨ AI-generated background, compiled from web sources — not editorial content.

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• ETF
• 21Shares
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