FalconX, a U.S.-based institutional crypto prime broker, has agreed to acquire 21Shares, one of the largest managers of exchange-traded products for digital assets.
Wednesday’s deal is poised to combine 21Shares’ distribution and ETP expertise with FalconX’s trading and prime-brokerage infrastructure as the pair looks to launch derivative-focused and structured crypto funds, fielding products that go beyond plain-vanilla spot ETPs, The Wall Street Journal reported. Financial terms were not disclosed at the time of writing.
The success of spot Bitcoin and Ethereum exchange-traded products has opened a new competitive front. Asset managers and trading firms are racing to offer investors access to smaller tokens, staking strategies, and derivative exposures via regulated wrappers.
21Shares is already known for a broad suite of ETPs and single-asset products — with over $11 billion in assets across bitcoin and ether ETPs to token-specific and basket offerings in Europe and other jurisdictions — which gives FalconX ready distribution and product engineering capabilities.
The move also follows FalconX’s recent product push into institutional derivatives. Last month, the firm rolled out a 24/7 over-the-counter options platform that supports Bitcoin, Ethereum, Solana, and other tokens.
More broadly, industry deal-making has accelerated alongside a friendlier U.S. regulatory tone this year. Other notable transactions include Coinbase’s $2.9 billion purchase of Deribit, Kraken’s recent acquisition of Small Exchange to expand U.S. derivatives capabilities, and Kraken’s earlier agreement to buy NinjaTrader for $1.5 billion. Coinbase also agreed to buy crypto investment platform Echo for about $375 million.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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