Carey Olsen advises 21shares on landmark sale to FalconX
Carey Olsen has advised 21shares, one of the world's leading cryptocurrency exchange traded product ("ETP") providers, on its sale to leading digital asset prime broker FalconX.
One of the most significant ETP industry transactions in recent years, the acquisition combines 21 shares' expertise in asset management product development and distribution with FalconX's institutional-grade infrastructure, structuring capabilities and risk management platform. Together, the two companies aim to accelerate the development of customised investment products that meet the growing institutional and retail demand for regulated digital asset exposure.
21shares is a global leader in digital asset ETPs, managing more than US$11 billion in assets across 55 listed products. Since its launch in 2018, the company has introduced one of the world's first physically backed cryptocurrency ETPs in Europe and has become the first to launch several cryptocurrency ETPs across multiple jurisdictions.
FalconX has facilitated over US$2 trillion in trading volume, providing a global client base of more than 2,000 institutions with 24/7 access to global digital asset liquidity and capital solutions.
The Carey Olsen team advising on all Cayman Islands aspects of the transaction comprised London-based partner Jasmine Amaria and senior associate Harry Hadjiyannis, alongside onshore counsel Willkie Farr & Gallagher LLP.
Jasmine Amaria commented: "We have had the pleasure of working with 21shares since the company first set up in Cayman, and so it was wonderful to see this landmark transaction through. From the outset, 21shares has been a driving force in shaping the digital asset ETP market. This deal positions the team for even greater global impact, while also reinforcing Carey Olsen's expertise in advising digital asset clients at the forefront of innovation."
