Homburger advised 21Shares on acquisition by FalconX

On 22 October 2025, FalconX and 21Shares announced to join forces by a merger by absorption by FalconX of 21Shares’ ultimate parent company. The merger was effected in November 2025. FalconX is a leading digital assets prime brokerage providing comprehensive access to global digital asset liquidity and a full range of services to the world’s top institutions. The firm serves as a single point of access for trading, financing, custody, and direct market access (DMA) across spot, derivatives, and FX markets, supported by advanced technology and sophisticated risk management. 21Shares, through its Swiss offering vehicle 21Shares AG, offers one of the world’s largest suite of cryptocurrency exchange-traded products (ETPs), making cryptocurrency investing more accessible. 21Shares will continue to operate as an independent company within the FalconX group, maintaining the same management team and brand. This acquisition strengthens the bridge between listed-market products and the crypto-native ecosystem at a time when digital assets are becoming increasingly institutionalized.

Homburger AG advised 21Shares on various Swiss law- and Swiss tax-related matters in the preparation and implementation of the merger. The team was co-led by Margrit Marti (Corporate / M&A) and Benjamin Leisinger (Capital Markets / Financial Market Regulation) and included Stefan Oesterhelt, Reto Heuberger, Peter Müller, Philippe Gobet and Philippe Stiegeler (all Tax), Olivier Bühlmann and Carolina Rodriguez (both Corporate / M&A), Gregor Bühler (Data Protection and Employment), as well as Stefan Bindschedler and Simone Gloor (Financing).