21.co, the parent company of crypto ETP issuer 21Shares, has raised $25 million in a funding round led by Marshall Wace.
Other investors in the round include Collab+Currency, Quiet Ventures, ETFS Capital, and Valor Equity Partners. The raise brings the company’s valuation to $2 billion, making it "Switzerland's largest crypto unicorn,” according to a press release.
"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," 21.co said.
The firm also announced its newly-formed parent company, 21.co. Its largest subsidiary, 21Shares, is the world's largest issuer of cryptocurrency exchange-traded products (ETPs) powered by Onyx, a proprietary platform used to issue and operate crypto ETPs for the company and third parties.
21Shares ended 2021 on “a nine-figure revenue run rate,” according to the release. The company added that it “has seen sustained inflows, even during down markets," recording $650 million in net new assets over the past year, and that it grew its headcount 75% during this period.
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