21.co, parent company of crypto investment firm 21Shares, has raised $25 million in a funding round led by London-based hedge fund Marshall Wace.

Other investors in the round include Collab+Currency, Quiet Ventures, ETFS Capital, and Valor Equity Partners. The raise puts the company's valuation at $2 billion, with 21.co now claiming to be "Switzerland’s largest crypto unicorn."

21Shares today announced the formation of its new parent company 21.co along with its funding news. 21.co will also serve as the parent company of token provider Amun.

Based out of Zurich, 21.co was co-founded in 2018 by Ophelia Snyder and Hany Rashwan. The firm had as much as $3 billion in assets under management in November 2021 when Bitcoin hit an all-time high of nearly $69,000, according to a press release.


The company also ended 2021 on “a nine-figure revenue run rate,” according to the release, but declined to disclose the exact figures. The company added that it “has seen sustained inflows, even during down markets," recording $650 million in net new assets in the year period since September 2021, and that it grew its headcount 75% during this period.

“With this round of financing, we will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions and strategic talent acquisitions,” Hany Rashwan, 21.co CEO, told Decrypt. “This includes building new products, like expanding the offerings of 21.co’s Crypto Winter Suite and entering new markets, like the Middle East.”

The Crypto Winter Suite, which is a set of products designed to help investors weather the bear market, was initially launched by 21Shares in June this year.

“We’ll continue to launch products suited for today’s market conditions and strive to be first to market with additional new and innovative products,” Rashwan told Decrypt.


As for the firm’s push into new markets, the CEO said that 21.co recently hired several executives “with over four decades of financial experience,” a move that is also expected to help the company “gain even more traction in our European core markets.”

Cathie Wood joins 21.co board

21.co also revealed that Cathie Wood, the founder and CEO of ARK Invest, joined the company as a board member. Wood previously personally invested in 21Shares and joined the board of Amun last year.

“Cathie has been a board member and friend of the company since its founding in 2018. Our relationship first began over a shared commitment to researchas 21.co provides objective insights on trends in the industry as an educational resource, but also to enable us to make better decisions for our clients,” Rashwan told Decrypt. “Cathie saw an alignment in values with 21.co, given her emphasis and commitment to research as well, and we’re delighted to have her on the board.

According to the 21.co CEO, Wood is “an important part of our board as she and the board members (two thirds women) reflect the diversity of our company, a key tenant in our values.”

Ark Invest previously partnered with 21Shares on an application to launch a spot Bitcoin ETF in the U.S. The SEC rejected the original application and delayed its decision on the re-submitted filing in July.

The regulator was expected to give the answer by August 30, however, per an order released on August 29, it is still seeking market feedback on whether to greenlight the ARK 21Shares Bitcoin ETF.

Stay on top of crypto news, get daily updates in your inbox.