21Shares is a Swiss-based provider of cryptocurrency exchange-traded products (ETPs) that package digital assets such as Bitcoin (BTC) and Ethereum (ETH) into listed securities traded on regulated exchanges. Founded in 2018 and headquartered in Zurich, the firm is widely described as one of the world’s first and largest crypto ETP issuers and is profiled in the CryptoSlate Directory as a pioneer in bringing crypto exposure to mainstream investors.
Overview
21Shares focuses on simplifying access to digital assets by offering physically backed, index, and strategy-based ETPs that can be bought and sold through existing bank and brokerage accounts. The company’s stated mission is to make “crypto, without the chaos,” positioning its products as a regulated and operationally straightforward alternative to holding tokens directly on exchanges or in self-custody wallets.
The platform targets both retail and institutional investors, providing a range of single-asset ETPs, diversified baskets, and staking-enabled products. By wrapping crypto assets in traditional exchange-traded structures, 21Shares aims to bridge the gap between legacy capital markets and the emerging digital asset economy.
History and Background
21Shares traces its origins to Amun AG, a Swiss issuer of crypto ETPs established in 2018. In March 2020, Amun AG rebranded its ETP business to 21Shares AG, with the name referencing the capped supply of 21 million Bitcoin. The company has since operated as 21Shares AG, forming part of the broader 21.co group of digital asset investment businesses.
The firm was co-founded by Hany Rashwan and Ophelia Snyder, who set out to make crypto investing as simple as buying an equity or bond ETF. Board disclosures and corporate filings list Rashwan and Snyder as key executives, with 21Shares building a team spanning product development, trading, legal, and distribution across Switzerland and other financial hubs.
Corporate structure has evolved as the business has scaled. 21Shares AG sits within the 21.co group, and in late 2025 digital asset prime broker FalconX agreed to acquire 21Shares, with the company described in public materials as a subsidiary of FalconX. The combination is positioned to align FalconX’s institutional trading infrastructure with 21Shares’ product development and ETP issuance capabilities.
Across these categories, 21Shares emphasizes physically backed structures, institutional-grade custody, and regulated market listings as key differentiators.
Use Cases and Market Position
21Shares primarily serves investors who prefer the operational familiarity and regulatory oversight of exchange-traded instruments but want exposure to crypto assets. Typical use cases include wealth managers integrating crypto into multi-asset portfolios, institutional allocators seeking regulated vehicles, and individual investors who prefer to avoid managing wallets and private keys.
Within the European crypto ETP market, 21Shares has built a significant presence. Company filings indicate that, as of the end of 2024, 21Shares accounted for roughly one-third of European crypto ETP assets and turnover. By mid-2025, the firm reported surpassing the $10–11 billion range in assets under management across its product set, reinforcing its position as a leading global issuer of physically backed crypto ETPs.
The company has also expanded geographically and by product type, adding listings on Nasdaq Stockholm and pushing into the U.S. ETF market with both single-asset and index-based offerings. This evolution reflects a broader strategic shift from a primarily European issuer into a multi-jurisdictional asset manager focused on digital asset exposures.
Funding, Ownership, and Leadership
21Shares began as a venture-backed fintech, raising capital to build out its ETP platform, listing capabilities, and regulatory infrastructure. Over time, the group reorganized under the 21.co brand, which serves as an umbrella for various digital asset investment and infrastructure entities. Corporate disclosures show that 21Shares AG sits within this group structure, with Jura Pentium AG and 21.co Holdings involved as parent entities before the FalconX transaction.
In late 2024 and 2025, the firm undertook leadership expansion, appointing executives with traditional asset management backgrounds to scale distribution and operations. The subsequent agreement for FalconX to acquire 21Shares is intended to combine institutional trading, derivatives, and liquidity services with an established crypto ETP manufacturing and distribution platform.
Risks and Considerations
As a crypto-focused ETP issuer, 21Shares operates in a market subject to high price volatility, evolving regulation, and operational risks related to custody and market infrastructure. Investors in its products remain exposed to the underlying asset risks, including sharp drawdowns, protocol-specific issues, and liquidity constraints during stressed market conditions.
Regulatory changes can affect product availability, leverage limits, or investor eligibility in various jurisdictions. In addition, while physically backed structures and institutional custodians are intended to mitigate some counterparty and operational risks, they do not eliminate them entirely. For these reasons, market participants typically evaluate 21Shares’ offerings within broader portfolio risk frameworks and in comparison with other vehicles such as direct token holdings, futures-based products, or competing ETP and ETF issuers.
Despite these considerations, 21Shares has established itself as a notable case study in bringing crypto-assets into traditional exchange-traded formats, contributing to the growing overlap between digital assets and regulated capital markets.
