FalconX Acquires 21shares to Strengthen Crypto ETF Business Amid Expanding Market

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FalconX, a leading digital assets trading firm, announced on Wednesday that it will acquire crypto investment manager 21shares for an undisclosed amount, marking a major expansion into the exchange-traded funds (ETF) market as cryptocurrency investment vehicles gain momentum globally.

The acquisition comes just weeks after the U.S. Securities and Exchange Commission (SEC) cleared the last hurdles for a wave of new spot cryptocurrency ETFs, extending beyond bitcoin and ether to assets like solana and dogecoin.

Founded in 2018 by Hany Rashwan and Ophelia Snyder, 21shares manages over $11 billion in assets across multiple crypto investment products. The company is known for pioneering exchange-traded products that give traditional investors regulated access to digital assets.

FalconX, which reached an $8 billion valuation in a 2022 funding round, has facilitated more than $2 trillion in trading volume and serves over 2,000 institutional clients worldwide. The firm said it will use 21shares’ ETF experience and brokerage infrastructure to accelerate the development of regulated crypto investment products.

“With the SEC streamlining listing pathways, this sets them up to be both the pit crew and the driver as the market moves beyond only bitcoin and ether wrappers,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors.

Analysts say the deal positions FalconX at the forefront of the next wave of crypto ETFs, which are expected to diversify into multiple tokens as the market matures. However, potential challenges loom, including a possible U.S. government shutdown that could slow ETF approvals, and volatility following renewed U.S.-China trade tensions that recently triggered the crypto sector’s largest selloff ever.

By combining FalconX’s institutional trading reach with 21shares’ ETF management expertise, the merger could create one of the strongest players in the crypto-finance ecosystem, bridging the gap between traditional finance and digital asset innovation.

Baidu Partners with Switzerland’s PostBus to Launch Apollo Go Robotaxis in Europe

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Baidu (9888.HK) announced a partnership with Switzerland’s PostBus on Wednesday to bring its Apollo Go autonomous vehicle service to the country, marking the Chinese tech giant’s first robotaxi deployment in Europe. The deal highlights Baidu’s rapid international expansion in self-driving technology amid slowing growth in its traditional advertising business.

Under the partnership, PostBus, a subsidiary of Swiss Post and one of the country’s major public transport operators, will collaborate with Baidu to introduce driverless vehicles to eastern Switzerland. The service will cover the cantons of St. Gallen, Appenzell Ausserrhoden, and Appenzell Innerrhoden, with a trial fleet set to begin testing in December 2025 and full operations expected by early 2027, according to Baidu’s statement.

The agreement follows Baidu’s recent partnerships with Lyft and Uber, under which the company will deploy thousands of its Apollo Go robotaxis across several European and international markets beginning next year. The Swiss launch signals Baidu’s ambition to become a key player in global autonomous mobility, challenging U.S. and European rivals such as Waymo, Cruise, and Mobileye.

Baidu said its Apollo Go platform now operates more than 1,000 fully driverless vehicles in 16 cities worldwide, including Dubai, Abu Dhabi, and Hong Kong. The company has positioned Apollo Go as one of the largest autonomous ride-hailing services in the world, with millions of rides completed.

As China’s economy cools, Baidu has increasingly shifted its focus toward artificial intelligence and autonomous transportation technologies to diversify its revenue. The collaboration with PostBus gives Baidu a foothold in the European market, where regulatory approval for driverless vehicles has been gradually expanding.

Industry analysts say the partnership could make Switzerland a testing ground for wider European adoption of Baidu’s robotaxi systems, blending Chinese innovation with Swiss public transport infrastructure.

Uber Rebrands “Green” as “Electric” and Offers $4,000 Grants to Speed Up EV Adoption

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Uber Technologies (UBER.N) announced on Wednesday that it is rebranding its “Uber Green” ride option as “Uber Electric”, unveiling a $4,000 incentive program to encourage U.S. drivers to switch to electric vehicles (EVs). The move marks a key step in the company’s plan to achieve zero-emission rides globally by 2040.

The new initiative, called “Go Electric”, will provide eligible drivers with grants of up to $4,000, which can be stacked with state and manufacturer incentives, helping to offset EV prices at a time when costs are rising. The federal $7,500 EV tax credit, introduced under President Joe Biden, expired last month, making Uber’s grants even more valuable for drivers considering the switch.

Earlier this year, Uber transitioned its Uber Green service in the U.S. to an all-electric fleet, eliminating hybrids from the program. The company now counts over 200,000 EVs on its platform worldwide, with drivers in North America and Europe adopting electric vehicles up to five times faster than the general population.

According to Uber, one in four riders said their first EV experience came through an Uber trip. To celebrate the rebrand, the company will also offer riders a 20% discount on their next electric ride.

Uber is expanding its battery-aware matching system — a feature that connects drivers to trips within their available battery range — to 25 countries. The tool aims to reduce “range anxiety”, the common concern that an EV may run out of charge before reaching a destination or charging station.

Uber’s sustainability push comes as competition in green mobility intensifies, with rivals such as Lyft and Bolt also pledging to electrify their fleets. Analysts say Uber’s latest move could strengthen its leadership in urban electrification, particularly as governments tighten emissions rules and consumer demand for eco-friendly transport continues to grow.