21Shares AG

https://www.21shares.com

21Shares is a Swiss-based investment management firm specializing in cryptocurrency exchange-traded products (ETPs). Founded in July 2018 by Hany Rashwan and Ophelia Snyder, the company's core mission is to make crypto investing simple, secure, and accessible, bridging traditional finance with the digital asset ecosystem under the motto "crypto, without the chaos." Headquartered in Zurich, Switzerland, 21Shares also maintains offices in New York City and London.

The firm offers the world's largest suite of cryptocurrency ETPs, primarily structured as physically-backed instruments that hold the underlying crypto assets in custody. Its product offerings include single-asset ETPs for major cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, Dogecoin, and Polkadot, as well as diversified index ETPs and staking ETPs. These products are listed on various major European exchanges, including the SIX Swiss Exchange, XETRA, the London Stock Exchange, Euronext, and Nasdaq Dubai, catering to both retail and institutional investors. 21Shares also collaborates on U.S. ETFs, such as the ARK 21Shares Bitcoin ETF.

In late 2025, 21Shares was acquired by FalconX, a leading digital asset prime brokerage, and now operates as its subsidiary. The company has seen significant growth, managing over $11 billion in assets as of late 2025, and holds a substantial share of the European crypto ETP market. Following a corporate restructuring effective January 2025, Russell Barlow was appointed CEO of 21Shares, and Duncan Moir became President, while co-founders Hany Rashwan and Ophelia Snyder transitioned to co-chairs of 21Shares, focusing on 21.co Technologies. Recent developments include the launch of new ETPs for Dogecoin, Solana, and XRP in Europe in April 2026, and the company's CIO, Adrian Fritz, has predicted Bitcoin could reach $100,000 by year-end 2026, driven by institutional inflows into spot Bitcoin ETFs.

Latest updates

21Shares Replaces Index Provider to Sharpen Crypto ETP Pricing

Event summary

  • 21Shares has transitioned its index provider for a significant portion of its European single-asset crypto ETP suite to Kaiko Indices.
  • The change aims to improve pricing precision, particularly for emerging crypto assets and those with fragmented liquidity.
  • The transition was implemented without operational disruption, preserving existing ticker symbols, ISINs, and fees.
  • Kaiko Indices is a BMR-registered benchmark administrator, ensuring compliance with EU regulatory standards.

The big picture

The move underscores the growing institutionalization of the crypto market, where pricing accuracy and regulatory compliance are paramount. As crypto ETPs gain wider adoption, the need for robust and transparent benchmarks becomes increasingly critical. 21Shares’ decision highlights the ongoing effort to bridge the gap between traditional finance and the decentralized world, but also introduces a new dependency on a third-party data provider.

What we're watching

Regulatory Scrutiny
Increased regulatory focus on crypto benchmarks could pressure 21Shares to maintain Kaiko’s compliance and transparency.
Competitive Response
Other ETP issuers may follow suit, accelerating the standardization of crypto pricing methodologies and potentially compressing margins.
Data Dependency
21Shares’ reliance on Kaiko Indices introduces a degree of operational risk; any disruption to Kaiko’s data feed could impact ETP pricing.

21Shares Schedules Staking Distributions for Polkadot and Sui ETFs

Event summary

  • 21Shares has announced distribution schedules for staking rewards for its 21Shares Polkadot ETF (TDOT) and 21Shares Sui ETF (TSUI).
  • Distribution dates are scheduled for May 15, June 30, September 30, and December 30, 2026.
  • The Trusts are not registered as investment companies under the Investment Company Act of 1940.
  • 21Shares is a subsidiary of FalconX, a digital asset prime broker.

The big picture

21Shares' announcement highlights the growing trend of crypto ETFs incorporating staking rewards to enhance returns. This strategy, while attractive, introduces complexities related to validator performance, regulatory compliance, and potential conflicts of interest. The firm's reliance on FalconX for resources underscores the ongoing consolidation within the digital asset ecosystem, where specialized providers are increasingly integrated into broader financial infrastructure.

What we're watching

Regulatory Scrutiny
The Trusts' exemption from Investment Company Act registration will likely draw continued scrutiny, particularly as the crypto ETF market matures and regulators seek to standardize oversight.
Validator Risk
The performance and reliability of the underlying validators for Polkadot and Sui will directly impact the Trusts’ returns and could expose investors to unexpected losses or liquidity constraints.
Competition
The proliferation of crypto ETFs, including those focused on Polkadot and Sui, will intensify competition for investor capital and potentially compress staking reward yields.

21Shares Adds Staking Rewards to Hyperliquid ETP, Capitalizing on DEX Growth

Event summary

  • 21Shares has added staking rewards to its 21shares Hyperliquid Staking ETP (HYPE), listed on SIX Swiss Exchange and Deutsche Börse Xetra.
  • Hyperliquid commands over 50% of DEX perpetual open interest and processes roughly $8 billion in daily volume.
  • The HYPE ETP has accumulated over $4 trillion in cumulative volume since Hyperliquid's inception.
  • Hyperliquid generates $56 million in monthly trading fees, with over 95% used for HYPE buybacks, totaling over $1 billion to date.
  • Jasmin Muelhaupt, Director of Financial Product Development at 21Shares, highlighted Hyperliquid's role as a key trading venue during geopolitical instability.

The big picture

21Shares' move to integrate staking rewards into the HYPE ETP underscores the growing institutional interest in decentralized exchanges and their underlying utility. Hyperliquid's dominance in the perpetual futures market, coupled with its on-chain architecture and robust tokenomics, positions it as a key infrastructure component for the evolving financial landscape. The ETP provides a novel gateway for traditional investors to access this emerging ecosystem, but also introduces new regulatory and competitive considerations.

What we're watching

Regulatory Scrutiny
Increased adoption of DEX perpetuals and staking ETPs may draw regulatory attention, potentially impacting HYPE’s listing and operational flexibility.
Competition Dynamics
Other ETP issuers are likely to explore similar staking integrations, intensifying competition for market share within the crypto ETP space.
Tokenomics Sustainability
The reliance on HYPE buybacks to support the ETP’s value is contingent on Hyperliquid’s continued profitability and tokenomics model, which could be vulnerable to market shifts.

21Shares Bolsters German Crypto ETP Dominance with Xetra Expansion

Event summary

  • 21Shares cross-listed nine new crypto ETPs on Xetra, including Sui Staking, Hyperliquid, Dogecoin, and Toncoin Staking.
  • The expansion reinforces 21Shares’ leading 26% market share on Xetra within Germany.
  • The company generated $4.6 billion in turnover on Xetra in 2025.
  • 21Shares’ total secondary market turnover across European exchanges surged 56% to $11.9 billion in 2025.
  • 21Shares launched 16 new ETPs in Europe during 2025.

The big picture

21Shares’ expansion highlights the growing institutional and retail interest in crypto exposure within Germany, a market known for its sophisticated investors. The company’s aggressive product launch cadence and focus on staking-integrated utility positions it to capitalize on the trend of digital assets being incorporated into core investment portfolios. The firm's reliance on FalconX for resources introduces a potential concentration risk, but also access to a broader network.

What we're watching

Regulatory Scrutiny
Increased adoption of crypto ETPs may draw greater regulatory attention to 21Shares' product offerings and operational practices, potentially impacting future listing approvals.
Competition
While 21Shares holds a significant market share, the entry of new players or expansion of existing competitors could erode its dominance in the German crypto ETP market.
Asset Performance
The performance of the newly listed ETPs, particularly those tied to newer or more volatile assets like Hyperliquid and Toncoin, will be a key indicator of investor appetite and 21Shares’ ability to manage risk.

21Shares Distributes Staking Rewards on Ethereum and Solana ETFs

Event summary

  • 21Shares distributed $0.012530 per share for its 21Shares Ethereum ETF (TETH) and $0.016962 per share for its 21Shares Solana ETF (TSOL).
  • Distributions were made on March 30, 2026, with payments processed on March 31, 2026.
  • The distributions stem from staking rewards earned by the ETFs.
  • The Trusts are not registered under the Investment Company Act of 1940 or the Commodity Exchange Act.

The big picture

21Shares' distribution of staking rewards highlights the growing trend of integrating DeFi elements into traditional investment products. The structure of these ETFs, which are not registered as investment companies, represents a regulatory gray area that could attract increased scrutiny. This move underscores the ongoing effort to bridge the gap between traditional finance and the cryptocurrency market, but also exposes investors to the inherent risks of the digital asset space.

What we're watching

Regulatory Scrutiny
The Trusts' non-registration under key regulatory acts raises questions about future compliance requirements and potential legal challenges.
Staking Risks
The reliance on third-party staking providers introduces operational and technical risks that could impact future distributions and ETF performance.
Investor Sentiment
The volatility of Ether and Solana, coupled with the lack of direct investment, will continue to influence investor demand and the Trusts' overall viability.

21Shares Switches Index Providers, Updates Crypto Reference Pricing

Event summary

  • 21Shares will appoint FTSE International Limited as an additional index administrator, effective March 26, 2026.
  • The crypto asset reference prices for 21Shares’ Bitcoin, Ethereum, and Core ETPs will change on March 26, 2026.
  • Existing reference prices based on the ‘CCIX’ index will be replaced with FTSE-administered indices (FBTC1HRE, FETH1HRE).
  • The changes affect the 21Shares Bitcoin ETP (CH0454664001/ABTC), Ethereum Staking ETP (CH0454664027/AETH), Bitcoin Core ETP (CH1199067674/CBTC), and Ethereum Core Staking ETP (CH1209763130/ETHC).

The big picture

21Shares' decision to switch index providers and update reference prices signals a move towards potentially more standardized and widely recognized benchmarks within the crypto ETP space. This shift could be driven by a desire to enhance transparency, attract institutional investors, or align with evolving regulatory expectations. The move also highlights the ongoing evolution of crypto asset benchmarking, as providers seek to establish robust and reliable reference points for these volatile assets.

What we're watching

Index Methodology
The shift to FTSE indices may alter the performance tracking of the ETPs, potentially impacting investor returns and requiring adjustments to marketing materials and client communications.
Regulatory Scrutiny
The change in reference pricing, coupled with the introduction of a new index administrator, could attract increased scrutiny from regulators regarding the transparency and accuracy of the ETPs’ pricing mechanisms.
Competitive Landscape
Other ETP providers may evaluate their own reference pricing methodologies in response to 21Shares’ move, potentially leading to a broader shift in industry standards and increased competition.

21Shares Launches Polkadot ETF, Navigating Regulatory Hurdles

Event summary

  • 21Shares launched the 21shares Polkadot ETF (TDOT) on March 6, 2026, trading on NASDAQ under the ticker TDOT.
  • TDOT is not registered under the '40 Act, meaning it operates under a different regulatory framework and carries heightened risk.
  • The ETF is physically backed and aims to provide exposure to the Polkadot (DOT) token.
  • TDOT carries a 0.30% fee and has an ISIN of US90139B1008.

The big picture

21Shares' launch of TDOT signifies a growing trend of crypto asset exposure through traditional investment vehicles. However, the ETF's non-'40 Act registration introduces unique regulatory and risk considerations. This move highlights the ongoing effort to broaden access to blockchain infrastructure, but also underscores the complexities of integrating digital assets into mainstream financial markets.

What we're watching

Regulatory Scrutiny
The lack of '40 Act registration exposes TDOT to potential regulatory challenges and increased investor scrutiny, which could impact its long-term viability.
DOT Volatility
The ETF's performance is directly tied to DOT's price volatility, which has historically been extreme and could lead to significant investor losses.
Adoption Rate
The pace at which traditional financial institutions adopt TDOT will determine its success, as it represents a key bridge between traditional finance and the Polkadot ecosystem.

21Shares Launches Bitcoin Yield ETP, Blurring Lines Between Crypto and Traditional Finance

Event summary

  • 21Shares launched the 21shares Strategy Yield ETP (STRC NA) on Euronext Amsterdam, trading begins February 26, 2026.
  • STRC provides exposure to a Variable Rate Series A Perpetual Stretch Preferred Stock issued by Strategy Inc., a corporate holder of over 700,000 bitcoin (approximately 3% of total supply).
  • The ETP offers a current yield of 11.25%, paid monthly, and ranks senior to common equity in Strategy Inc.'s capital structure.
  • This marks 21Shares’ first ETP linked to an equity-related instrument, expanding beyond direct token exposure.

The big picture

21Shares' move signals a broader trend of bridging the gap between decentralized finance and traditional capital markets. By securitizing bitcoin holdings through a preferred equity structure, Strategy Inc. is attempting to create a more palatable investment vehicle for risk-averse investors. This product represents a novel approach to yield generation in a low-interest-rate environment, but its success is contingent on maintaining investor confidence in both Strategy Inc.'s bitcoin reserves and the ETP's structural stability.

What we're watching

Yield Sustainability
The long-term viability of the 11.25% yield depends on Strategy Inc.'s bitcoin holdings and their ability to maintain distribution coverage, which could be impacted by market volatility.
Regulatory Scrutiny
The blending of crypto assets and traditional preferred securities may attract increased regulatory scrutiny regarding investor suitability and risk disclosures.
Adoption Rate
The success of STRC will hinge on the adoption rate among both institutional and retail investors, and whether the perceived stability of the preferred security outweighs the underlying crypto exposure.

21Shares Launches Spot Sui ETF, Expanding Crypto Access Amid Regulatory Scrutiny

Event summary

  • 21Shares launched the 21shares Spot SUI ETF (TSUI) on Nasdaq, February 24, 2026.
  • TSUI allows U.S. investors exposure to SUI without direct digital wallet management.
  • TSUI is not registered under the '40 Act, exposing it to heightened volatility and risk.
  • The ETF joins 21Shares’ existing leveraged and unleveraged SUI exposure products in the U.S.

The big picture

21Shares' launch of TSUI signifies growing institutional interest in Sui, a Layer 1 blockchain focused on payments and DeFi. The decision to launch a non-'40 Act ETF highlights the complexities of bringing crypto exposure to U.S. retail investors, and the willingness to operate under a lighter regulatory framework. FalconX’s acquisition of 21Shares provides resources to expand its U.S. presence and compete in the increasingly crowded crypto ETF landscape.

What we're watching

Regulatory Scrutiny
The lack of '40 Act registration for TSUI will draw increased regulatory attention, potentially impacting future product offerings and marketing practices.
Adoption Rate
The ETF's performance will be a key indicator of institutional interest in Sui and the broader appetite for spot-based crypto ETFs in the U.S. market.
Competition
The success of TSUI will depend on 21Shares’ ability to differentiate its product and capture market share from other crypto ETF providers entering the Sui space.

21Shares Expands Crypto ETP Reach into Italian Market

Event summary

  • 21Shares is listing 27 of its crypto ETPs on ETFplus, the Borsa Italiana’s ETF market, starting February 9, 2026.
  • This marks the first time professional investors in Italy will have access to crypto ETPs listed on Borsa Italiana.
  • 21Shares now has 59 ETPs listed in Europe and $6 billion in assets under management globally.
  • The move positions 21Shares as a leader in the Italian market for liquid and transparent crypto investment options.

The big picture

21Shares’ expansion into Italy underscores the growing acceptance of cryptocurrencies as an asset class within Europe, particularly among professional investors. The move aligns Italy with other major European markets and leverages the continent’s early adoption of crypto ETPs, predating similar developments in the US. This strategic positioning allows 21Shares to capitalize on the increasing demand for regulated and accessible crypto investment vehicles.

What we're watching

Adoption Rate
The speed at which Italian professional investors adopt these crypto ETPs will indicate the true demand for regulated crypto exposure in the region, potentially influencing similar launches elsewhere.
Regulatory Scrutiny
Increased institutional adoption of crypto ETPs may draw greater regulatory attention to the product structure and collateralization practices employed by 21Shares and its competitors.
Competitive Landscape
The success of 21Shares in Italy will likely spur other ETP issuers to expand their offerings, intensifying competition for market share and potentially driving down fees.

21Shares Launches Solana Yield ETP, Expanding Crypto Product Suite

Event summary

  • 21Shares launched the 21shares Jito Staked SOL ETP (JSOL) on January 29, 2026, listed on Euronext Amsterdam and Paris.
  • JSOL provides exposure to JitoSOL, a liquid staking token on the Solana network, combining SOL price exposure with staking yield.
  • The ETP has a total expense ratio of 0.99% and is available in USD (JSOL NA) and EUR (JSOL FP).
  • 21Shares previously launched the Solana ETP (ASOL) in 2021, which remains the largest Solana ETP globally.

The big picture

21Shares’ launch of JSOL underscores the growing demand for yield-generating crypto products within the European market. Solana’s increasing adoption by institutional players and its positioning as a viable alternative to Ethereum creates a favorable backdrop for JSOL, but also highlights the risks associated with concentrated exposure to a single blockchain network. The move also signals 21Shares’ continued ambition to be a leading distributor of crypto investment vehicles, building on its existing AUM of $8 billion.

What we're watching

Regulatory Scrutiny
Increased regulatory focus on crypto ETPs, particularly those involving staking mechanisms, could impact JSOL’s listing and distribution in Europe.
Yield Sustainability
The long-term viability of JitoSOL’s yield structure, dependent on Solana network activity and transaction fees, will determine JSOL’s attractiveness to investors.
Competitive Landscape
The emergence of competing liquid staking ETPs could erode JSOL’s market share and put pressure on 21Shares to innovate further.

21Shares Launches Dogecoin ETF, Expanding Crypto Product Suite

Event summary

  • 21Shares launched the 21shares Dogecoin ETF (TDOG) on January 22, 2026, trading on NASDAQ.
  • TDOG offers a 0.50% expense ratio and is physically backed, holding Dogecoin on a 1:1 basis.
  • The ETF is not registered under the '40 Act and carries significant risk and volatility.
  • This launch follows 21Shares' Solana ETF (TSOL) and builds on their partnership with House of Doge.

The big picture

21Shares' launch of the Dogecoin ETF underscores the growing demand for regulated exposure to meme-based cryptocurrencies. This move, coupled with their acquisition by FalconX, signals an aggressive expansion strategy within the digital asset space, but also highlights the inherent risks associated with investing in highly volatile assets outside of traditional regulatory frameworks. The success of TDOG will depend on 21Shares' ability to manage these risks and maintain investor trust.

What we're watching

Regulatory Scrutiny
The lack of '40 Act registration exposes TDOG to increased regulatory scrutiny, potentially impacting its long-term viability and marketing capabilities.
Dogecoin Volatility
TDOG’s performance will be heavily influenced by Dogecoin’s price volatility, which could deter risk-averse investors and limit sustained inflows.
Partnership Dynamics
The ongoing collaboration between 21Shares and House of Doge will be critical for TDOG’s success, and any shifts in their partnership could impact investor confidence.

21Shares Launches Volatility-Managed Crypto ETP with A&G Banco

Event summary

  • 21Shares and A&G Banco launched the 21shares Flexible Crypto Index ETP (FLEX) on January 13, 2026, trading on Xetra.
  • FLEX tracks the 21Shares Flexible Crypto Index, developed in partnership with MarketVector Indexes, and is available in EUR (FLEX GY) and USD (FLEY GY).
  • The ETP utilizes A&G Banco’s rules-based allocation model, incorporating minimum-variance and momentum signals, and can allocate up to 30% to cash (USDC).
  • The ETP carries a total expense ratio (TER) of 1.49% p.a.
  • A&G Banco manages over €17 billion in assets as of December 2025.

The big picture

The launch of FLEX represents a move towards institutionalizing crypto investing by combining structured indexing with active risk management. This product caters to a growing demand for diversified and regulated crypto exposure within wealth management channels, a segment previously underserved by direct crypto investments. The partnership between 21Shares, a leading ETP issuer, and A&G Banco, a quantitative asset manager, highlights the increasing sophistication of crypto investment products.

What we're watching

Regulatory Scrutiny
Increased adoption of crypto ETPs may draw greater regulatory attention to the underlying custody and allocation models, potentially impacting operational costs and product approvals.
Performance Tracking
The effectiveness of A&G Banco’s allocation model in navigating market volatility will be critical to FLEX’s long-term performance and investor confidence.
Distribution Reach
The success of FLEX will depend on 21Shares’ ability to expand distribution within regulated advisory frameworks in Europe, particularly within private banking and wealth management.

21Shares Launches Bitcoin-Gold ETP to Navigate Inflationary Pressures

Event summary

  • 21Shares launched the 21shares Bitcoin Gold ETP (BOLD) on the London Stock Exchange on January 13, 2026.
  • BOLD combines Bitcoin and gold, dynamically allocating assets based on inverse volatility, managed in partnership with ByteTree Asset Management.
  • The ETP has a 0.65% management fee and an ISIN of CH1146882308, trading in GBP.
  • BOLD currently has $40.1 million in Assets Under Management (AUM) as of January 12, 2026, and a 3-year Sharpe ratio of 1.79.
  • This is the fifth cryptocurrency product from 21Shares approved by the FCA for UK retail investors.

The big picture

21Shares is capitalizing on the growing demand for regulated crypto exposure within the UK retail market, positioning BOLD as a hybrid asset class appealing to investors seeking a balance between Bitcoin’s growth potential and gold’s perceived stability. The product’s dynamic allocation strategy and physically backed structure aim to mitigate risk, but its success hinges on the continued regulatory acceptance of crypto ETPs and the performance of both underlying assets.

What we're watching

Regulatory Scrutiny
The FCA's continued acceptance of crypto ETPs will dictate the pace of retail adoption and the potential for further product innovation from 21Shares.
Volatility Dynamics
The effectiveness of BOLD’s volatility-based rebalancing strategy will be tested as Bitcoin and gold experience periods of correlated or divergent price movements.
AUM Growth
Sustained AUM growth will depend on BOLD’s ability to attract and retain investors amidst increasing competition in the crypto ETP space.
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