21.co, the newly-formed parent of crypto investment firm 21Shares, has raised $25 million in a funding round led by London-based hedge fund Marshall Wace. The round gives 21.co a $2 billion valuation and the company touts itself as "Switzerland's largest crypto unicorn."
With the financing news, Zurich-based 21.co was announced as the parent company of 21Shares, the world's largest issuer of crypto exchange traded products (ETPs), and token provider Amun.
21Shares is powered by Onyx, it's proprietary platform for issuing ETPs, and offers 31 different exchange traded products. It launched the world's first crypto ETP, HODL, on the SIX Swiss Exchange in 2018. And it will release its first products in the U.S. this year.
21.co plans to use the latest capital to drive product growth, market expansions and strategic talent acquisitions, the company said.
"We're the highest-valued and largest tech startup in Switzerland — and we're still only in the early days," co-founder and CEO Hany Rashwan said in the announcement. "21.co remains committed to building innovative products that meet investor demand as this asset class continues to gain rapid momentum."
21.co By The Numbers
The company claims it ended 2021 with a "nine-figure" revenue run rate and has seen sustained inflows even in the current crypto winter. Since last September, 21.co recorded upward of $650 million in net new assets and grew its head count by 75%.
The crypto firm hit its peak of $3 billion in assets under management last November, when Bitcoin was at all-time highs near $69,000. 21.co did not include updated figures in the release. The company currently offers 42 different products across 11 exchanges in seven countries.
21.co has over 100 employees according to its website, and its board includes ARK Investment Management CEO Cathie Wood. "This round is a testament to 21.co's early success and its ability to thrive in both bull and bear markets," Wood said in the release.
Crypto venture fund Collab+Currency, Quiet Ventures, ETFS Capital and Valor Equity Partners also participated in the financing round.
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