Cryptocurrency exchange company FalconX will acquire ETF management company 21Shares
BlockBeats News, October 22nd, according to The Wall Street Journal, cryptocurrency exchange company FalconX will acquire ETF management company 21Shares. Executives from both companies stated in an interview that the merged company will develop cryptocurrency funds focused on derivatives and structured products. The funding method for this transaction is a mix of cash and equity, and specific terms have not been disclosed.
FalconX, co-founded by Raghu Yarlagadda in 2018, has facilitated over $2 trillion in cryptocurrency trades for over 2,000 institutional clients. Yarlagadda stated that this private company raised $150 million in venture funding in 2022, reaching a valuation of $8 billion, and is currently considering an initial public offering (IPO).
21Shares, established in 2018, as of September, manages 55 exchange-traded products with assets exceeding $11 billion. The company's most notable achievement was collaborating with Cathie Wood's ARK Investment Management in 2024 to launch one of the first US physically-backed Bitcoin ETFs.
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