Leading digital assets prime brokerage firm FalconX has acquired 21Shares, a leading provider of cryptocurrency exchange-traded funds and products (ETFs/ETPs). FalconX confirmed the acquisition in a blog post released on Wednesday. In the post, FalconX described the acquisition as a major milestone in its strategy to accelerate the convergence of listed markets and digital assets, while also strengthening its presence across the US, Europe, and Asia-Pacific. 

This acquisition is regarded as one of the most significant transactions in the ETP industry in recent years. It combines 21Shares’ asset management product development and distribution expertise with FalconX’s institutional-grade infrastructure, structuring capabilities, and risk management platform. The two firms plan to accelerate the creation of tailored investment products that meet the growing demand from institutional and retail investors for regulated digital asset exposure.

Since the establishment of 21Shares in 2018 by Hany Rashwan and Ophelia Snyder, the firm has evolved into a global leader in digital assets ETPs. As of September 30, 2025, the firm manages over $11 billion across 55 listed products. Its proprietary technology platform and extensive network of partners underpin its ability to bring new products to market quickly and at scale.

Similarly, FalconX was founded by Raghu Yarlagadda. Currently, FalconX has executed over $2 trillion in trading volume and has a client base of more than 2,000 institutions. The platform is powered by its crypto-native trading, credit, and technology infrastructure.

FalconX retains 21shares CEO

Following the completion of the acquisition, 21shares will continue to operate independently under FalconX management. Russell Barlow, the CEO of 21shares, will also retain his role and work closely with FalconX’s leadership team to drive the future of the digital assets ecosystem. Importantly, there are no plans to alter the construction or investment objectives of the existing 21shares ETP.

Raghu Yarlagadda, CEO of FalconX, shared his perspective on the deal. He highlighted that 21shares has built one of the most trusted and innovative platforms for digital asset products. He further explained that the industry is currently experiencing a significant convergence between digital assets and traditional financial markets. As such, crypto ETPs pave the way for new avenues of investor participation through regulated and familiar structures. Yarlagadda also emphasized that this acquisition is a long-term move aimed at building sustainable enterprise value across market cycles.

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