21.co, the parent company of 21Shares, a global issuer of cryptocurrency exchange traded products (ETPs), has raised $25 million in a funding round led by hedge fund Marshall Wace.  The round values the business up to $2 billion, making 21.co Switzerland’s largest crypto unicorn. 

With this round of financing, 21.co will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions. Other investors in the round include Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners.

This round was the company’s first raise in over two years. 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, 21.co recorded over $650 million in net new assets, and hit its peak AUM at $3 billion in November of 2021. To support this rapid business growth, 21.co grew its headcount 75% during this period.

Launched in 2018, provides investors with a range of crypto exchange-traded products (ETPs), the broadest token solutions, and a decentralised software platform to create, list and manage ETPs globally – all powered by free institutional-grade research to educate investors about the evolving industry.