📣 Creators, Exciting News!
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1️⃣ Open App → Tap [Square] at the bottom → Click your avatar in the top right
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The encryption trading company FalconX will acquire the ETF management company 21Shares.
On October 22, according to The Wall Street Journal, the crypto trading company FalconX will acquire the ETF management company 21Shares. Executives from both companies stated in an interview that the merged company will develop crypto funds focused on derivatives and structured products. The financing for this transaction is a mix of cash and equity, with specific terms not yet disclosed. FalconX was co-founded by Raghu Yarlagadda in 2018 and has facilitated over $2 trillion in cryptocurrency trading for more than 2,000 institutional clients. Yarlagadda stated that this private company raised $150 million in venture financing in 2022, reaching a valuation of $8 billion, and is currently considering an initial public offering (IPO). 21Shares was founded in 2018 and, as of September, manages 55 listed exchange-traded products with assets exceeding $11 billion. The company is best known for launching one of the first US spot Bitcoin ETFs in collaboration with Cathie Wood's ARK Investment Management in 2024.