FalconX has agreed to acquire Swiss crypto exchange-traded product issuer 21Shares, combining trading and prime brokerage infrastructure. 21Shares manages over $11 billion in assets, while FalconX has facilitated $2 trillion in trading volume for 2,000 clients. The deal reflects a convergence of digital assets and traditional financial markets.

The specific terms of the acquisition remain undisclosed. FalconX and 21Shares did not immediately respond to requests for comment. The move is seen as a long-term investment in building durable enterprise value across market cycles. After the deal closes, 21Shares will continue operating independently under CEO Russell Barlow.

FalconX is expanding its market infrastructure with the acquisition of 21Shares to strengthen market efficiency. The move aligns with FalconX’s 2025 expansion push in trading, asset management, and market infrastructure. The company was valued at around $8 billion following a 2022 Series D round led by Singapore’s sovereign wealth fund GIC and B Capital.

Earlier reports suggested FalconX was exploring an initial public offering. The firm had discussions with advisers about a potential listing within the year. In late 2022, FalconX disclosed it was affected by the collapse of FTX, but stated that client funds and operations were not impacted.

Read more at Yahoo Finance: FalconX to Acquire 21Shares in Latest Crypto Industry Deal