Crypto investment products firm 21.co plans to split its business into two separate entities as it transitions to a new operating structure.
Effective Jan. 6, 21Shares, the crypto exchange-traded products issuer, will operate independently from 21.co Technologies, which will focus on tokenized assets, risk management, and other solutions in the crypto space. Despite this separation, 21.co will remain the holding company for both entities.
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According to the company, the decision to have 21Shares and 21.co Technologies operate as separate entities will allow it to prepare for what it sees as a new dispensation for the crypto and blockchain technology industry.
While the core business will be run in these two entities, 21.co will remain the holding company for both.
Co-founders Hany Rashwan and Ophelia Snyder will assume titles of co-chairs of 21Shares. A transition period will then see Rashwan take over as 21.co Technologies chief executive while Snyder becomes president. The two also remain, respectively, CEO and president of 21.co.
“This transition formalizes a structure we’ve been building toward over the past year, allowing each division to grow independently. With dedicated leadership in place for both asset management and technology, we’re setting up 21Shares and 21.co Technologies for even greater success.”
Hany Rashwan, co-founder of 21Shares.
In other roles, former abrdn global head of alternative and multi-asset investments Russell Barlow is set to join 21Shares as CEO. 21.co has tapped Duncan Moir, also previously at abrdn, as president of 21Shares.
21Shares has seen significant growth over the past year.
Expansion via spot Bitcoin (BTC) and Ethereum (ETH) ETFs has helped the company exceed $10 billion in assets under management.
As well as expansion in the U.S., 21Shares has unveiled physically-backed crypto exchange-traded notes for investors in the U.K. The platform has ETNs listed on the London Stock Exchange and across Europe.
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