Zurich-based 21.co, which runs the 21Shares crypto investment service, has raised $25M led by Marshall Wace at a $2B post-money valuation
Context & Ripple Effects
21.co’s financing placed the 21Shares operator in a Swiss crypto-finance cohort that also included Sygnum, which had completed a $90M funding round at an $800M valuation earlier that year. The $2B post-money mark gave 21.co a notably larger valuation reference within that coverage.
The later agreement for FalconX to acquire 21shares shows how the manager ultimately became part of a broader crypto-market infrastructure business, rather than remaining solely an independently financed investment-platform operator. FalconX’s agreement to acquire 21shares gives the 2022 round a longer consolidation arc.
First-order effects
- 21.co receives $25M of new financing, with Marshall Wace leading the round, and is valued at $2B post-money.
- Marshall Wace gains a lead-investor position in the company behind the 21Shares crypto investment service.
Second-order effects
- The $2B valuation becomes a fresh benchmark for Swiss institutional crypto businesses, including Sygnum, whose earlier funding carried an $800M valuation.
- The financing gives 21.co an independent capital base ahead of the later transaction that brings 21shares under FalconX.
Third-order effects
- FalconX’s later acquisition agreement points to a market structure in which crypto trading firms seek ETF-management capabilities through consolidation rather than keeping trading and investment-product businesses separate.
The trend: Crypto-market infrastructure is consolidating around firms that combine trading capabilities with managed investment products.