FalconX, an institutional digital asset brokerage firm, announced today that it has agreed to acquire 21 shares, a provider of funds and cryptocurrency exchange-traded products (ETFs/ETPs).
The transaction represents a major milestone in FalconX’s strategy to accelerate the convergence of listed markets and digital assets, while strengthening its global presence in the US, Europe and Asia Pacific.
In one of the ETP industry’s most significant transactions in recent years, the acquisition combines 21 Equity’s expertise in developing and distributing asset management products with FalconX’s institutional-grade infrastructure, structuring capabilities and risk management platform.
Together, the two companies will accelerate the creation of customized investment products that respond to growing institutional and retail demand for regulated exposure to digital assets.
Since its founding in 2018 by Hany Rashwan and Ophelia Snyder, 21shares has grown into a global leader in digital asset ETPs, managing more than $11 billion in assets across 55 listed products as of September 30, 2025. Its proprietary technology platform and established partner network enhance quickly its ability to market. FalconX, co-founded by Raghu Yarlagadda, has facilitated over $2 trillion in transaction volume and a global customer base of over 2,000 institutions, powered by its native transaction cryptography, credit and technology infrastructure.
“21shares has built one of the most trusted and innovative product platforms in digital,” said Raghu Yarlagadda, CEO of FalconX. “We see a strong 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 this infrastructure to listed markets through 21Shares is a natural next step towards strengthening this market. investment in durable building corporate value in all market cycles’.
“Over the past 8 years, we’ve built the 21shares business from $0 to over $11 billion in AUM. We’ve scaled to reach millions of customers in every corner of the globe and brought them into crypto with our products and research,” said 21shares founders Ophelia Snyder and Hany Rashwan. “We sincerely look forward to FalconX continuing to build on this strong foundation for the next chapter of its 21-stock growth.”
“Our goal has been to make crypto investing available to everyone through leading exchange-traded products,” said Russell Barlow, CEO of 21share. “Now FalconX will allow us to move faster and expand our reach. Together, we will pioneer solutions that meet the evolving needs of digital asset investors around the world.”
Following completion, 21 stocks will continue to be independently managed under the FalconX umbrella. Mr. Barlow will continue as CEO of 21share, working closely with FalconX’s leadership team to advance a shared vision for the future of the digital asset ecosystem. No changes are planned to the construction or investment objectives of the existing 21-share ETP (Europe) or ETF (US).
This acquisition builds on FalconX’s 2025 strategy to strengthen its global franchise in trading, asset management and market infrastructure. It follows the consolidation of Arbelos Markets and the majority stake it acquired in Monarq Asset Management earlier this year, alongside expansions into Latin America, APAC and EMEA. As digital assets evolve into mainstream investment products, this move puts FalconX at the center of how institutions and investors access the crypto economy.