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FalconX’s Deal With 21Shares
According to a report from the Wall Street Journal, the deal will combine FalconX’s trading and prime brokerage infrastructure with 21Shares’ ETP platform spanning Europe and the U.S. as the pair plans to launch derivative-focused and structured crypto funds.
“21Shares has built one of the most trusted and innovative product platforms in digital assets,” FalconX’s co-founder Raghu Yarlagadda postulated. “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.”
FalconX has facilitated more than $2 trillion in trading volume for over 2,000 institutional clients, while Zurich, Switzerland-based 21Shares already manages over $11 billion in assets across 55 listed crypto products as of September 2025.
Notably, the financial terms of the acquisition have not been disclosed yet.
 
After the deal closes, 21Shares will continue operating independently under CEO Russell Barlow. According to Barlow, the partnership with FalconX would allow his company to “move faster” and expand its foothold. “Together, we’ll pioneer solutions that will meet the evolving needs of digital asset investors worldwide,” he noted.
The deal follows FalconX’s recent product expansion into institutional derivatives. In September, the firm launched a 24/7 over-the-counter options platform that supports Bitcoin, Ethereum, Solana, and other cryptocurrencies.
Notably, industry acquisition deals have accelerated in 2025 amid a more lenient U.S. regulatory environment under the President Trump regime. Other significant transactions include Coinbase’s $2.9 billion takeover of options platform Deribit, Ripple’s acquisition of prime broker Hidden Road, and Kraken’s earlier agreement to buy U.S. retail futures platform NinjaTrader for $1.5 billion.