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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.

Crypto ETFs to Surge in U.S. as SEC Eases Approval Rules

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Asset managers are rushing to launch cryptocurrency exchange-traded funds (ETFs) in the United States after regulators streamlined the approval process, potentially ushering in a wave of new products tied to digital assets.

The U.S. Securities and Exchange Commission (SEC) announced updated standards for ETFs last week, a move expected to encourage demand for funds linked not just to bitcoin and ethereum but also to cryptocurrencies such as solana, XRP, and even dogecoin.

Bitcoin and ethereum ETFs were launched in 2024 under stricter rules, but the new standards lower barriers for issuers. Currently, 21 ETFs in the U.S. hold bitcoin, ethereum, or both, with dozens of new filings pending for funds tied to other coins. Analysts expect the first products under the new rules—likely ETFs tied to solana and XRP—to launch in early October.

“We’ve got about a dozen filings with the SEC now, and more coming,” said Steven McClurg, founder of Canary Capital Group. “We’re all getting ready for a wave of launches.”

The SEC’s changes eliminate the need for case-by-case reviews of each ETF application. Instead, any fund meeting preset standards can move forward automatically. Approval timelines are expected to shrink to 75 days or less, compared with up to 270 days previously.

Industry insiders say the fourth quarter of 2025 could be a breakout period for crypto ETF issuers. Grayscale Investments has already converted its private fund into a public ETF, the Grayscale CoinDesk Crypto 5, holding bitcoin, ethereum, XRP, solana, and cardano.

To qualify for approval, ETFs must meet at least one of three main criteria: the underlying cryptocurrency must either trade on a regulated market, have U.S. Commodity Futures Trading Commission-regulated futures contracts with at least six months of trading history, or already be tied to another ETF with at least 40% direct exposure to the coin.

However, questions remain about investor appetite for funds tied to lesser-known tokens. “There will be a flood of tokens that many folks have never heard of, and instead of years as with bitcoin, there will be weeks or months to provide that education,” said Kyle DaCruz of asset manager VanEck.

Bitcoin Hits Record High Amid Fed Easing Bets and U.S. Crypto Reforms

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Bitcoin reached a fresh all-time high on Thursday, climbing as much as 0.9% to $124,002.49 in early Asia trading, surpassing its previous peak from July. Ether, the second-largest cryptocurrency, also hit $4,780.04, its highest level since late 2021.

The rally is being fueled by growing expectations of Federal Reserve rate cuts, sustained institutional buying, and recent U.S. regulatory reforms under President Donald Trump. “Technically, a sustained break above $125k could propel BTC to $150,000,” noted IG market analyst Tony Sycamore.

Bitcoin has surged nearly 32% so far in 2025, supported by long-awaited regulatory wins, including stablecoin legislation and efforts by U.S. securities regulators to accommodate cryptocurrencies. Trump, who has branded himself the “crypto president,” has also promoted the inclusion of crypto assets in 401(k) retirement accounts through a recent executive order.

The executive order could boost asset managers such as BlackRock and Fidelity, which offer crypto exchange-traded funds (ETFs), although crypto’s higher volatility compared with traditional stocks and bonds presents risks for retirement savings.

The broader crypto market has also benefited, with total market capitalization rising to over $4.18 trillion, up from roughly $2.5 trillion in November 2024, following Trump’s election. The sector has shrugged off broader economic uncertainties, including the potential impact of tariffs, as enthusiasm grows for mainstream adoption.