Crypto Prime Broker FalconX to Buy ETF Provider 21Shares: WSJ
The deal, terms of which were not disclosed, will allow FalconX to expand beyond market making and liquidity services into issuing crypto ETFs.
By Jamie Crawley|Edited by Sheldon Reback
Oct 22, 2025, 10:06 a.m.
- Digital asset prime broker FalconX agreed to acquire crypto asset manager 21Shares, the Wall Street Journal reported.
- The deal, terms of which remain undisclosed, will allow FalconX to expand beyond market making and liquidity services into issuing crypto ETFs.
Digital asset prime broker FalconX agreed to acquire crypto asset manager 21Shares, the Wall Street Journal reported on Wednesday.
The deal, terms of which were not disclosed, will allow FalconX to expand beyond market making and liquidity services into issuing crypto exchange-traded funds (ETFs), a particularly prevalent area of institutional adoption of cryptocurrency.
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Zurich, Switzerland-based 21Shares is one of the most prominent providers of crypto exchange-traded products (ETPs), having listed them in Europe long before they became available in the U.S.
The firm reached the milestone of listing 50 ETPs in Europe last month.
Neither of the firms immediately responded to CoinDesk’s request for comment.
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The move is part of Coinbase’s effort to prioritize privacy, which was bolstered by its March 2025 acquisition of the team behind Iron Fish.
What to know:
- Coinbase is working to add private transactions to its layer 2 network Base, with CEO Brian Armstrong announcing that more details will be shared in the near future.
- The move is part of Coinbase’s effort to prioritize privacy, which was bolstered by its March 2025 acquisition of the team behind Iron Fish.
- The development comes as interest in privacy coins surges, despite regulatory crackdowns and concerns about their potential use for illicit activities.
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