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Hany Rashwan, 21Shares raises USD25 million in financing round led by hedge fund Marshall Wace


Swiss-based crypto firm,, has announced a USD25 million round led by Marshall Wace. The firm writes that this round of funding values the business at USD2 billion, making Switzerland’s largest crypto unicorn.

Swiss-based crypto firm,, has announced a USD25 million round led by Marshall Wace. The firm writes that this round of funding values the business at USD2 billion, making Switzerland’s largest crypto unicorn.

With this round of financing, will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions, the firm says. Other investors in the round include Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners.

In addition to funding, the company also announced its new parent company, The firm writes that is a collection of companies, the largest of which is 21Shares, the ETP issuer, which is powered by Onyx, a proprietary technology platform used to issue and operate cryptocurrency ETPs for 21Shares and third parties – in addition to Amun, a token provider focused on making the DeFi world more accessible.

This round – raised, the firm says, during the crypto winter, was the company’s first raise in over two years, with the company writing that this is ‘a testament to the company’s early success and growing investor demand in the asset class’.

The firm writes: “To prove such investor demand, the company ended 2021 on a nine-figure revenue run rate and has seen sustained inflows, even during down markets. Year-to-date, from September 2021 to September 2022, recorded over USD650 million in net new assets, and hit its peak AUM at USD3 billion in November of 2021. To support this rapid business growth, grew its headcount 75 per cent during this period.”

Launched in 2018, by Ophelia Snyder and Hany Rashwan, was founded to build bridges into the crypto world, the firm says.

“Since then, has been on a tremendous journey to stay at the forefront of the market by providing investors with the most innovative crypto ETPs, the broadest token solutions, a decentralised software platform to create, list and manage ETPs globally and more forward-thinking solutions – all powered by free institutional-grade research to educate investors about the evolving industry,” the firm writes.

“My co-founder, Ophelia, and I set out with a simple mission to make crypto more accessible,” says Hany Rashwan, CEO and Co-Founder at “Now, we’re the highest valued and largest tech startup in Switzerland – and we’re still only in the early days. remains committed to building innovative products that meet investor demand as this asset class continues to gain rapid momentum.”

“The success has experienced over the past four years is truly amazing,” says Ophelia Snyder, President and Co-Founder at “We have built an incredibly diverse team, with some of the brightest minds in crypto and brought on best-in class investors. Our drive to revolutionise the world of crypto and build bridges into the asset class is only just getting started.”

“At Marshall Wace, our culture is built around innovation – and we saw an immediate alignment of values when meeting with the team at 21co is a first-mover in the crypto industry: the company is focused on growth and committed to bringing new and innovative products to investors across markets – in a secure, accessible way,” says Amit Rajpal, Partner and CEO Asia at Marshall Wace. “Even in the midst of crypto winter, MW believes that has the potential to revolutionise the industry globally and we’re looking forward to working alongside the team.”

“When I first met the team at, I understood their long-term vision and truly believed the company would transform the crypto ecosystem,” says Cathie Wood, Founder, CEO and CIO of ARK Investment Management LLC, and an independent board member of “This round is a testament to’s early success and its ability to thrive in both bull and bear markets. I’m proud to be a part of the growth story.”

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