The 21Shares deal, first reported by «The Wall Street Journal», marks FalconX’s third strategic transaction this year and positions the U.S. prime broker at the center of how institutions and investors gain exposure to digital assets through regulated, exchange-listed products.

Founded by Hany Rashwan and Ophelia Snyder in 2018, 21Shares manages more than $11 billion across 55 listed ETPs. The firm will remain independently managed under the FalconX umbrella, with Russell Barlow continuing as CEO.

Expanding the Footprint

FalconX CEO Raghu Yarlagadda said the acquisition extends the company’s institutional-grade infrastructure into listed markets, «a natural next step toward strengthening market efficiency.»

The transaction builds on FalconX’s earlier integrations of Arbelos Markets and Monarq Asset Management and expands its footprint across the U.S., Europe, and Asia-Pacific. Terms of the deal were not disclosed.