21Shares

What 21Shares does

21Shares AG, founded in 2018 and headquartered in Zurich, Switzerland, is the world's first and largest issuer of cryptocurrency exchange-traded products (ETPs). The company operates as a subsidiary of Amun Holdings Limited and, as of October 2025, managed approximately $11.32 billion in assets across more than 60 crypto ETPs listed on 13 regulated exchanges globally (Nasdaq, NYSE, Xetra/Deutsche Börse, London Stock Exchange, SIX Swiss Exchange, Euronext) and distributed through 70+ brokerage and bank platforms including Fidelity, Charles Schwab, Vanguard, Robinhood, Interactive Brokers, PostFinance, Swissquote, and Directa SIM. The product suite spans single-asset ETPs (Bitcoin CBTC, Ethereum ETHC, Solana CSOL, Hyperliquid HYPE, Polkadot TDOT, Sui TSUI, Canton Network TCAN, Dogecoin TDOG, Cardano, XRP), diversified index baskets (ABBA, BOLD, HODLX, FLEX), equity trackers (STRC), leveraged products (TXXH 2x HYPE), and an actively managed crypto ETF (TKNS). Customers include individual retail investors, US financial advisors, and institutional asset managers, served through 1940 Act ETF structures in the US, FCA-approved prospectuses in the UK, EU Prospectus Regulation across Europe, and Swiss FINMA structures.

The technology stack centers on 100% physically-backed ETP structures with underlying crypto assets held in cold storage at institutional custodians Coinbase Custody and Copper/Coinbase Prime, with private keys disconnected from the internet and distributed across multiple trusted parties. Staking rewards from underlying protocols (Ethereum, Solana, Polkadot, Sui, Hyperliquid) are integrated into ETP shareholder distributions as a yield differentiator. The firm transitioned its European single-asset pricing benchmark to Kaiko Indices in April 2026 for enhanced precision in fragmented markets and operates as an active validator on the Canton Network alongside Goldman Sachs, Microsoft, and Deutsche Bank.

The business model is asset-light, fee-based revenue: 21Shares earns management fees expressed as an annual percentage of AUM, with rates ranging from 0.10% on CBTC and ETHC ("the real halving") to 1.89% on leveraged TXXH and 1.05% on actively managed TKNS. There is no direct e-commerce channel — investors purchase through existing brokerage accounts. Revenue scales linearly with AUM and crypto market valuations, which exposes the company to crypto-cycle volatility (global crypto ETP AUM declined 15% YTD to $140 billion as of mid-2026), while product breadth, distribution depth, and staking yield pass-through serve as competitive differentiators. The company employed 51-100 people as of the latest data and raised a $25 million funding round in September 2022 led by Marshall Wace.

Name

21Shares

Legal name

21Shares AG

Website

https://21shares.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

21Shares AG is the world's first and largest cryptocurrency ETP issuer, managing approximately $11.3 billion across 60+ physically-backed products listed on 13 global exchanges. The Zurich-headquartered firm serves retail, financial advisor, and institutional clients seeking regulated digital-asset access through standard brokerage accounts.

Ownership category

akta.pro rank

Headquarters

HQ city

Zurich

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. ETP Management Fees: 21Shares earns management fees expressed as an annual percentage of assets under management (AUM) across its ETP suite. Fee rates vary by product: CBTC and ETHC have been reduced to 0.10% (announced as a 'real halving'), THYP (Hyperliquid) charges 0.30%, leveraged TXXH charges 1.89%, TKNS (actively managed) carries a gross expense ratio of 1.05%, and TCAN (Canton Network) charges 0.50%. The primary revenue driver scales directly with AUM growth and crypto market valuations.
2. Staking Rewards Pass-Through: For staking-enabled ETPs (ETHC, CSOL, HYPE, TDOT, TSUI), staking rewards earned from staked underlying tokens are distributed to ETP shareholders as periodic cash distributions (e.g., TSUI at $0.048174 per share, TDOT at $0.090846 per share, with ex/record dates and payable dates published quarterly). This creates an additional yield proposition for holders and supports product differentiation, though rewards fluctuate with protocol staking rates and token prices.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

21Shares issues exchange-traded products (ETPs) and exchange-traded funds (ETFs) that provide 100% physically backed exposure to cryptocurrencies and other digital assets. Products span single-asset exposures (Bitcoin, Ethereum, Solana, Hyperliquid, Polkadot, Sui, Canton Network, XRP, Dogecoin, Cardano), diversified index baskets, and actively managed strategies, with staking rewards passed through to shareholders. Assets are custodied at institutional-grade providers (Coinbase, Copper) and products are listed on 13 regulated exchanges globally across the US, EU, UK, and Switzerland.

Product overview

21Shares is the world's first and largest cryptocurrency Exchange-Traded Product (ETP) issuer, founded in 2018 and headquartered in Zurich, Switzerland. The company offers over 60 crypto ETPs internationally across three main categories: (1) Single Asset ETPs providing 100% physically backed exposure to individual cryptocurrencies including Bitcoin (CBTC), Ethereum (ETHC, AETH), Solana (CSOL, ASOL), Hyperliquid (HYPE), Cardano (AADA), XRP (AXRP), and Polkadot (ADOT), with staking rewards on applicable protocols; (2) Diversified Index ETPs providing passive exposure to baskets of cryptoassets balanced periodically, including Bitcoin+Ethereum blend (ABBA), Bitcoin+Gold blend (BOLD), Crypto Basket 10 (HODLX), and Flexible Crypto Index (FLEX); and (3) Equity ETPs tracking stock portfolios (STRC). Products are listed on 13 exchanges globally and use institutional custodians (Coinbase, Copper) with cold storage. The company manages approximately $11.3 billion in assets under management as of October 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• CBTC (21Shares Bitcoin Core ETP) Single-asset ETP providing 100% physically backed exposure to Bitcoin, allowing investors to track Bitcoin performance through a compliant ETP structure without needing digital wallets.
• ETHC (21Shares Ethereum Core Staking ETP) Single-asset ETP providing physically backed exposure to Ethereum with integrated staking rewards, allowing holders to earn yield on their ETH holdings.
• CSOL (21Shares Solana Core Staking ETP) Single-asset ETP providing physically backed exposure to Solana with integrated staking rewards.
• HYPE (21Shares Hyperliquid Staking ETP) Single-asset ETP providing exposure to Hyperliquid's HYPE token with integrated staking rewards; tracks the native token of a decentralized exchange commanding over 50% of DEX perpetual open interest.
• ABBA (21Shares Bitcoin Ethereum Core ETP) Diversified index ETP providing balanced exposure to both Bitcoin and Ethereum, offering diversification across the two largest cryptocurrencies.
• BOLD (21Shares Bitcoin Gold ETP) Diversified index ETP combining Bitcoin and gold exposure for portfolio diversification.
• HODLX (21Shares Crypto Basket 10 Core ETP) Diversified index ETP providing passive exposure to a basket of top 10 cryptocurrencies, balanced periodically.
• FLEX (21Shares Flexible Crypto Index ETP) Diversified index ETP with flexible allocation strategy allowing active adjustment of crypto asset weights.
• STRC (21Shares Strategy Yield ETP) Equity ETP tracking the performance of individual stocks or equity portfolios without requiring direct ownership of underlying shares.
• THYP (21Shares Hyperliquid ETF) First U.S. ETF providing direct spot exposure to the Hyperliquid HYPE token with integrated staking rewards passed through to shareholders. Listed on Nasdaq.
• TKNS (21Shares Active Crypto ETF) First actively managed cryptocurrency ETF in the United States. Dynamically adjusts crypto portfolio exposures based on market conditions, valuation metrics, and proprietary research. Listed on Nasdaq.
• TCAN (21Shares Canton Network ETF) First U.S. ETF offering direct exposure to Canton Coin, the native utility token of the Canton Network privacy-enabled institutional blockchain. Listed on Nasdaq.
• TDOT (21Shares Polkadot ETF) First U.S. spot Polkadot ETF providing institutional investors with a regulated pathway to access DOT. Listed on Nasdaq.
• 21Shares Dogecoin ETP (Xetra listing) Physically backed Dogecoin ETP listed on Xetra, holding actual Dogecoin in custody to provide institutional-grade DOGE price exposure without crypto wallets.
• TXXH (21Shares 2x Long HYPE ETF) Leveraged ETP providing 2x leveraged exposure to HYPE token performance. Listed on Nasdaq.
• TSUI (21Shares Sui ETF) Spot SUI ETF providing first regulated on-ramp for institutional Sui token exposure. Listed on Nasdaq.
• TDOG (21Shares Dogecoin ETF) Spot Dogecoin ETF trading on Nasdaq, backed by the Dogecoin Foundation.
• AADA (21Shares Cardano ETP) Single-asset ETP providing 1x exposure to Cardano through physically backed ETP structure.

Quantifiable outcome

• Global crypto ETP AUM reached $140 billion as of May 2026, with Bitcoin ETPs comprising approximately $110 billion. 21Shares' mid-year report shows institutional BTC holdings remain within 8% of all-time highs at 1.25 million coins despite 15% year-to-date AUM decline.
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Teucrium Investment AdvisorscoreStrategic or Co-development Partner · 14 May 2026Teucrium Investment Advisors serves as the investment adviser for 21Shares' first US actively managed crypto ETF (TKNS), with 21Shares US LLC acting as subadviser. This is a co-development partnership where Teucrium provides regulatory and investment advisory infrastructure while 21Shares contributes crypto expertise and product management for the actively managed strategy.
• PINE DistributorsminorChannel Partner/ Reseller/ Distributor · 14 May 2026PINE Distributors serves as the distributor for 21Shares' TKNS actively managed crypto ETF, providing distribution infrastructure and market access for the product alongside the Teucrium/21Shares partnership.
• Kaiko IndicescoreTechnology or Integration · 30 April 202621Shares transitioned its index provider for a broad segment of its European single-asset product suite to Kaiko Indices, an independent BMR-registered benchmark administrator. The partnership leverages Kaiko's deep data expertise for emerging protocols and fragmented crypto markets, enhancing pricing accuracy for institutional-grade products. The transition was carried out seamlessly with tickers, ISINs, and product fees remaining unchanged while maintaining continuous historical NAV data.
• StratiphyminorChannel Partner/ Reseller/ Distributor · 22 April 2026UK fintech platform Stratiphy launched an Innovative Finance ISA offering access to three 21Shares ETNs tracking Bitcoin, Ethereum, and a Bitcoin-gold hybrid product, restoring tax-free crypto investment access for UK retail investors after HMRC restricted standard ISAs for crypto products. Stratiphy acts as a distributor making 21Shares products available within a tax-advantaged wrapper.
• Coinbase Custody / Coinbase PrimecoreTechnology or IntegrationCoinbase serves as the primary custodian for 21Shares' ETP assets, providing cold storage with private keys disconnected from the internet and distributed across multiple trusted parties. Coinbase Prime also serves as the official USDC treasury deployer on Hyperliquid, directing an estimated $135 million to $160 million annually into token buybacks that benefit HYPE ETF holders.
• Copper (Coinbase Prime integration)coreTechnology or IntegrationCopper provides institutional-grade custody services for 21Shares' ETP assets, with cold storage infrastructure ensuring high security through private keys disconnected from the internet and distributed across numerous trusted parties. Copper's setup complements Coinbase as a multi-custodian approach.
• Canton Network (Goldman Sachs, Microsoft, Deutsche Bank)coreTechnology or Integration21Shares launched the TCAN ETF providing the first US ETF exposure to Canton Coin and the Canton Network — a privacy-enabled blockchain ecosystem for institutional finance backed by Goldman Sachs, Microsoft, and Deutsche Bank as validators. 21Shares also serves as an active validator on the Canton Network, coordinating the Global Synchronizer and extending its role into broader network operations.
• FUSE Research NetworkminorStrategic or Co-development Partner21Shares partnered with FUSE Research Network to conduct and publish survey research on US financial advisors' views on digital assets, producing insights on adoption barriers (firm policy constraints, education gaps) that inform the company's advisor-focused go-to-market strategy.
• Directa SIMminorChannel Partner/ Reseller/ DistributorItalian broker Directa SIM (founded 1995, pioneer of online trading in Italy, with over 60,000 active accounts) offers 21Shares ETP products through its platform, providing Italian retail investors regulated access to cryptocurrency ETPs through one of Italy's oldest online trading platforms.

Scale indicators10 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• Fidelity Investments: Fidelity operates the Fidelity Wise Origin Bitcoin Fund (FBTC) and broader crypto execution/custody services. Comparable to 21Shares as both a competitor in spot crypto ETFs and a distribution partner channel for 21Shares products.
• ProShares: ProShares is an established US ETF issuer offering leveraged and inverse crypto ETFs (Bitcoin, Ethereum) plus the ProShares Bitcoin ETF. Comparable as a broader crypto ETF competitor with established distribution and a wider product range beyond pure crypto.
• iShares (BlackRock): BlackRock's iShares franchise includes the spot IBIT Bitcoin ETF and ETHA Ethereum ETF, dominating US crypto ETP flows via incumbent distribution. Comparable to 21Shares as a competitor for institutional crypto allocations but with vastly larger scale and balance sheet.
• Invesco: Invesco issues the Invesco Galaxy Bitcoin ETF and a broader crypto product suite as part of its large US ETF franchise. Comparable to 21Shares as a competitor in spot crypto ETFs with established institutional distribution advantages.

Direct peers

• WisdomTree: WisdomTree is a US-listed asset manager with a growing suite of physically-backed crypto ETPs (Bitcoin, Ethereum) across Europe and the US. Directly comparable to 21Shares as a competitor in regulated crypto ETP wrappers with similar broker distribution and institutional positioning.
• CoinShares: CoinShares is a European-listed crypto asset manager and ETP issuer offering single-asset and basket crypto ETPs across European exchanges. Closely comparable to 21Shares as a Europe-headquartered competitor targeting the same institutional and advisor channel with similar physically-backed product structures.
• Bitwise Asset Management: Bitwise is a US-focused crypto asset manager issuing spot crypto ETFs (Bitcoin, Ethereum) and the BHYP Hyperliquid ETF alongside 21Shares. Directly comparable in product lineup, US 1940 Act ETF positioning, and institutional/advisor distribution motion.
• VanEck: VanEck is an established US ETF issuer with a crypto ETP suite including VanEck Bitcoin Trust and Ethereum Trust, plus European listings. Comparable to 21Shares as a competitor in physically-backed crypto ETPs targeting both retail and institutional investors.
• Grayscale Investments: Grayscale is the largest crypto-focused asset manager with the Grayscale Bitcoin Trust, Ethereum Trust, and the recently launched HYPG Hyperliquid product. Comparable to 21Shares as a direct competitor in spot crypto ETPs and trusts targeting institutional allocations.
• Hashdex: Hashdex is a crypto asset manager issuing diversified crypto index ETFs in the US and Europe, including the Hashdex Bitcoin ETF and Nasdaq Crypto Index US ETF. Comparable to 21Shares in index-style crypto ETP structures and institutional positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/21shares
• YouTubeyoutube.com/@21shares/videos
• LinkedInlinkedin.com/company/21shares

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 21Shares