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FalconX, one of crypto’s largest institutional prime brokers, has completed its third acquisition of 2025 with the purchase of 21Shares, the world’s biggest crypto exchange-traded product issuer managing $11 billion across 55 products, as the race to dominate regulated digital asset infrastructure accelerates despite broader market turbulence.
The deal, announced on Wednesday with undisclosed financial terms, combines FalconX’s $2 trillion in annual trading volume with 21Shares’ retail-accessible investment products, positioning the merged entity as a rare crypto firm with both institutional trading capabilities and direct retail distribution—a combination that could reshape how traditional investors access digital assets.
“21Shares has built one of the most trusted and innovative product platforms in digital assets,” Raghu Yarlagadda, CEO, FalconX.
The partnership between FalconX and 21Shares is designed to accelerate the creation of new, regulated investment products that appeal to both institutional and retail investors.
FalconX brings an extensive infrastructure, supporting over 2,000 institutional clients and managing more than $2 trillion in trading volume — while 21Shares adds deep expertise in ETP design and global distribution.
“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,” — Raghu Yarlagadda, CEO, FalconX.
This convergence reflects the broader institutional embrace of crypto-linked investment vehicles. For FalconX, the acquisition of 21shares Crypto Etps represents not just expansion, but alignment with the global regulatory shift toward structured, compliant access to digital assets.
Despite the acquisition, 21Shares will continue to operate independently under its existing leadership. The company assured investors that no immediate changes will occur to its current ETP or ETF offerings in Europe or the United States.
“Together, we’ll pioneer solutions that will meet the evolving needs of digital asset investors worldwide,” — Russell Barlow, CEO, 21Shares.
Founded by Hany Rashwan and Ophelia Snyder in 2018, 21Shares has grown into a dominant force in 21shares Crypto Etps, managing over $11 billion in assets across 55 listed products as of September 2025. The firm’s products, traded on major exchanges such as the SIX Swiss Exchange, have positioned it as a bridge between digital innovation and institutional-grade finance.
In related developments, 21Shares recently launched its first Hyperliquid ETP and a dYdX ETP designed for institutional investors — moves that further highlight its commitment to diversification within the 21shares Crypto Etps ecosystem.
The acquisition continues FalconX’s aggressive growth trajectory in 2025. Earlier in the year, the firm bought Arbelos Markets, a derivatives trading platform, followed by a majority acquisition of Monarq Asset Management’s parent company in June.
FalconX has also positioned itself among elite industry collaborators joining Crypto.com, Galaxy, and Wintermute as launch partners for Lynq, a new digital asset settlement platform. Developed with Arca Labs, Tassat Group, and tZERO, Lynq seeks to address key regulatory and counterparty risk challenges as crypto adoption expands among financial institutions.
With the addition of 21shares Crypto Etps to its portfolio, FalconX is poised to shape the next phase of digital asset product innovation, where liquidity, compliance, and investor accessibility converge.
For industry observers, FalconX’s acquisition of 21Shares marks more than corporate consolidation — it reflects a growing alignment between the crypto industry and mainstream finance. The rise of 21shares Crypto Etps underscores investors’ appetite for transparent, regulated products that mirror traditional investment vehicles while offering crypto exposure.
As institutions seek safer and more structured entry points into digital markets, partnerships like FalconX and 21Shares could define the next chapter in the evolution of crypto-based financial products.
With its combined strengths, FalconX’s trading infrastructure and 21Shares’ product expertise — the future of 21shares Crypto Etps appears positioned for broader global reach, deeper market integration, and sustained institutional confidence.
