FalconX, an institutional digital asset prime brokerage, said on Wednesday it has agreed to acquire 21shares, the world’s largest provider of cryptocurrency exchange-traded products (ETPs), in a deal that underscores the growing convergence between digital assets and mainstream finance.
The acquisition unites FalconX’s prime brokerage and trading infrastructure with 21shares’ asset management and exchange-traded product expertise, creating one of the most comprehensive digital asset investment platforms globally, per the announcement.
Financial terms of the deal were not disclosed.
Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21shares manages more than $11 billion in assets across 55 listed products as of September 2025.
The firm pioneered the world’s first physically backed crypto ETP and now operates products listed across major global exchanges.
FalconX, co-founded by Raghu Yarlagadda, has facilitated over $2 trillion in trading volume and serves more than 2,000 institutional clients worldwide.
“21shares has built one of the most trusted and innovative product platforms in digital assets,” said Yarlagadda, FalconX’s chief executive. He added:
Extending our institutional-grade infrastructure into listed markets through 21shares is a natural next step as we strengthen the bridge between digital assets and traditional financial markets.
21shares CEO Russell Barlow said the deal will help the company scale faster.
“FalconX will enable us to move quicker and expand our reach. Together, we’ll pioneer new solutions that meet the evolving needs of digital asset investors globally,” he said.
Under the agreement, 21shares will remain independently managed under the FalconX umbrella, with Barlow continuing as CEO. No changes are planned for existing ETPs and ETFs.
The acquisition marks FalconX’s third major transaction this year, following the integrations of Arbelos Markets and Monarq Asset Management, as it expands its presence across the US, Europe, and Asia-Pacific.
Analysts say the move positions FalconX as a key player at the intersection of crypto and traditional finance as institutional demand for regulated digital asset products continues to surge.
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