Following the recent security incident at Binance, please be advised that all 21shares ETPs and ETFs have had no impact and are trading normally.
The digital assets backing our products are safely held in cold storage by regulated third-party custodians, completely separate from any exchange balance sheets. Our market makers source liquidity across multiple venues, ensuring continuous operational stability without any single point of failure.
21shares
Crypto ETP issuer managing over $11B across physically backed single-asset and index products
4.2/ 5
Our score
Very good
Products
Spot ETFsETPs / ETNsIndex fundsStaking products
Assets under management
$11.3B
Flagship products
CBTCETHCCSOLABBA+2
Fees
0.10% to 1.49% p.a.
What is 21shares?
21shares is a Swiss digital asset manager that specializes in exchange-traded products (ETPs) and exchange-traded funds (ETFs). Operating through 21Shares AG, the firm manages $11,322,751,752 in assets across 48 listed ETPs as of October 2025. Investors trade these notes directly through standard brokerage accounts and traditional banks without managing self-custody wallets or private keys.
Founding and leadership
The company was founded in 2018 in Zug, Switzerland, by Chief Executive Officer Hany Rashwan and President Ophelia Snyder. The firm pioneered the launch of the first physically backed crypto index ETP on the SIX Swiss Exchange in 2018, expanding its investment lineup to list across 13 traditional exchanges globally.
Product range and custody mechanics
The asset manager structures its core vehicles as physically backed debt securities. These are collateralized 100% by the underlying digital tokens held with regulated custodians. The product catalog spans single-asset notes such as the 21shares Bitcoin Core ETP (CBTC) and 21shares Solana Core Staking ETP (CSOL), alongside thematic baskets like the Crypto Basket 10 Core ETP (HODLX) and the Bitcoin Ethereum Core ETP (ABBA). Beyond spot crypto, the manager offers synthetic pre-IPO vehicles such as the Anthropic Synthetic ETP (CLAU) on the Vienna MTF, yield-bearing staking notes, and leveraged ETFs.
Expense ratios and management fees
Fees vary by structure and asset complexity. Core low-cost products like CBTC and the Ethereum Core Staking ETP (ETHC) feature management fees of 0.10%. Broader or legacy offerings carry higher expense ratios: the original 21shares Bitcoin ETP carries a total expense ratio (TER) of 1.49% per annum, while the Crypto Basket Index ETP charges 0.99% annually. Synthetic pre-IPO notes such as CLAU carry a 1% management fee.
Availability and key risks
Products are listed across international exchanges in Europe and the United States, including SIX Swiss Exchange and Deutsche Börse Xetra. Regulatory boundaries restrict access in specific jurisdictions; for example, Belgian financial rules prohibit the distribution of crypto-linked ETPs to retail clients. Because these exchange-traded notes represent secured debt instruments rather than 1940-Act mutual funds, shareholders face market volatility, secondary-market tracking discrepancies, and counterparty risks inherent to collateralized debt structures.
Founders
Hany RashwanCo-Founder and CEO
Ophelia SnyderCo-Founder and President
Best for:Traditional brokerage investors avoiding self-custodyEuropean wealth managers balancing crypto portfoliosAllocators seeking exchange-listed staking exposure
Pros and cons
Pros
- Over $11B in assets under management across 48 exchange-traded products
- Physical collateral backing avoids direct futures roll costs on spot products
- Competitive management fees starting at 0.10% on core Bitcoin and Ethereum ETPs
- Trading via standard brokerage accounts on 13 regulated stock exchanges
Cons
- Legacy and basket ETP expense ratios reach up to 1.49% per year
- Exchange-traded notes carry structural counterparty risk as collateralized debt obligations
- Restricted to professional investors in jurisdictions like Belgium
- ETP structures lack the independent board protections of 1940-Act mutual funds
Our review
4.2/5
Very good
21shares offers one of the broadest selections of physically backed crypto ETPs globally, though management fees vary sharply between core products and legacy or niche offerings.
Founded in 2018 in Zug, Switzerland, by Hany Rashwan and Ophelia Snyder, 21shares operates as an issuer of exchange-traded crypto products. The manager oversaw $11,322,751,752 in assets under management across 48 ETPs listed on 13 global exchanges as of October 2025. Investors access these vehicles directly through traditional brokerage accounts and banks rather than handling self-custody or crypto exchanges.
Its catalog spans single-asset trackers, staking funds, diversified indices, and synthetic structures. Core offerings such as the 21shares Bitcoin Core ETP (CBTC) and Ethereum Core Staking ETP (ETHC) feature low management fees of 0.10%. The firm also covers secondary tokens through products like the Solana Core Staking ETP (CSOL), the Hyperliquid Staking ETP (HYPE), and newer launches including Venice Token (VENC) and Lighter (LIHT). Specialized lines include diversified baskets like the Crypto Basket 10 Core ETP (HODLX) and synthetic private equity instruments like the Anthropic Synthetic ETP (CLAU).
The primary advantage is structural convenience and custody elimination. Products are exchange-listed, and single-asset vehicles are 100% physically backed using institutional custody. However, pricing varies widely across the catalog. While core lines sit at 0.10%, older products like the original Swiss-domiciled Bitcoin ETP carry a total expense ratio of 1.49% per annum, and the Crypto Basket Index ETP costs 0.99%. In addition, synthetic offerings like CLAU charge a 1.00% management fee and carry counterparty risk through partners like FalconX.
Geographic restrictions also limit access. Retail distribution is barred in specific regions, such as Belgium, due to local virtual currency rules. ETPs structured as debt obligations also entail issuer and structural counterparty considerations absent in direct coin ownership. 21shares suits institutions, financial advisors, and traditional retail investors seeking regulated portfolio exposure without managing private keys. Direct onchain participants and long-term accumulators comfortable with hardware custody should hold underlying spot assets directly to avoid recurring management fees.
Specs
| Products | Spot ETFs, ETPs / ETNs, Index funds, Staking products · unverified |
|---|---|
| Clients | Retail, Institutions, Financial advisors · unverified |
| Assets under management | $11.3B · unverified |
| Flagship products | CBTC, ETHC, CSOL, ABBA, BOLD, HODLX · unverified |
| Assets covered | BTC, ETH, SOL, XRP, HYPE, SUI, DOGE, DOT · unverified |
| Fees | 0.10% to 1.49% p.a. · unverified |
Not disclosed by the provider: Minimum investment, Regulators, Custodians.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Physically backed spot ETPs
Single-asset ETPs such as CBTC, CSOL, and ETHC hold 100% collateralized physical tokens rather than futures contracts.
Low-fee core index line
Core products provide single-asset and multi-asset exposure with management fees starting at 0.10% per year.
Diversified crypto baskets
Multi-asset products like HODLX and ABBA automatically rebalance diversified crypto allocations across core digital assets.
Onchain staking yields
Staking ETPs such as CSOL pass through native blockchain staking rewards directly within the exchange-traded security.
Synthetic pre-IPO exposure
Products like the Anthropic Synthetic ETP (CLAU) provide listed exposure to private technology company valuations.
Traditional exchange access
Notes trade across 13 major stock exchanges, including the SIX Swiss Exchange, Deutsche Börse Xetra, and Wiener Börse.
Inside 21shares
Single asset
Physically backed exchange-traded products tracking individual cryptocurrencies, including Bitcoin (CBTC), Ethereum (ETHC), and Solana (CSOL).
Diversified and index
Baskets providing passive exposure to multiple cryptocurrencies rebalanced periodically, such as the Crypto Basket 10 Core ETP (HODLX) and Bitcoin Gold ETP (BOLD).
Equity
Exchange-traded products tracking single stocks or equity strategies without requiring direct ownership of the underlying company shares.
Pre-IPO
Synthetic exchange-traded products offering listed exposure to private company valuations prior to an initial public offering, such as the Anthropic Synthetic ETP (CLAU).
21shares screenshots
What users say about 21shares
The available discussions do not mention specific experiences or opinions regarding the platform.
Based on 1 Reddit posts and comments from the last 12 months, checked Oct 23, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used 21shares? Share your experience below.
FAQ
Who founded 21shares?
21shares was founded in 2018 by Hany Rashwan and Ophelia Snyder. The company operates through 21Shares AG and is headquartered in Zug, Switzerland.
What fees does 21shares charge?
Management fees vary by vehicle. Core single-asset products like CBTC and ETHC charge 0.10%, while other products such as the original Bitcoin ETP carry a total expense ratio of 1.49% and the Anthropic Synthetic ETP charges 1.00%.
Are 21shares ETPs physically backed?
Yes, single-asset 21shares ETPs are 100% physically backed by the underlying digital assets held with institutional custodians. Certain specialized lines, such as pre-IPO products, use synthetic replication instead.
Who can invest in 21shares products?
Retail and institutional investors can buy 21shares ETPs through regular brokerage accounts and banks on 13 exchanges. Access depends on local regulations, and retail distribution is prohibited in certain jurisdictions like Belgium.
What assets does 21shares support?
The issuer covers single assets including Bitcoin, Ethereum, Solana, XRP, and Hyperliquid, alongside multi-asset baskets like the Crypto Basket 10 Core ETP. It also provides synthetic pre-IPO vehicles such as the Anthropic Synthetic ETP.
Does 21shares have its own crypto token?
No, 21shares does not have its own native cryptocurrency token. It is an asset manager that issues exchange-traded products tracking third-party cryptocurrencies and indices.
Latest from 21shares on X
What happens to a standard 60/40 portfolio when you add just 2% Bitcoin?
21shares Chief Investment Strategist @adrianwjfritz walks through the back-tested data on returns, volatility, and drawdowns - showing why disciplined rebalancing matters more than market timing.
Watch the full breakdown 👇 🔗 https://t.co/ezBh7CXHJB
#21shares #Bitcoin #AssetAllocation #PortfolioDiversification
21shares Chief Investment Strategist @adrianwjfritz walks through the back-tested data on returns, volatility, and drawdowns - showing why disciplined rebalancing matters more than market timing.
Watch the full breakdown 👇 🔗 https://t.co/ezBh7CXHJB
#21shares #Bitcoin #AssetAllocation #PortfolioDiversification
Anthropic has officially published its IPO prospectus today.
The 21shares Anthropic Synthetic ETP (CLAU) offers Europe’s first exposure to Anthropic’s pre-IPO implied valuation via conventional brokerage accounts.
Here is where the product is currently listed and trading:
🏛️ Exchanges: Stuttgart, Düsseldorf, Vienna, Quotrix, Gettex, Tradegate.
📱Brokers: Comdirect, Flatex, JustTrade, SBroker, Scalable, Smartbroker, Traders Place.
#21shares #Anthropic #ETP #CLAU
https://t.co/xIJucVc6IR
The 21shares Anthropic Synthetic ETP (CLAU) offers Europe’s first exposure to Anthropic’s pre-IPO implied valuation via conventional brokerage accounts.
Here is where the product is currently listed and trading:
🏛️ Exchanges: Stuttgart, Düsseldorf, Vienna, Quotrix, Gettex, Tradegate.
📱Brokers: Comdirect, Flatex, JustTrade, SBroker, Scalable, Smartbroker, Traders Place.
#21shares #Anthropic #ETP #CLAU
https://t.co/xIJucVc6IR
Bitcoin is down approximately 5% year-to-date, yet Assets Under Management for our 21shares Core Bitcoin ETP (CBTC) are up over 40% YTD, recently surpassing $650 million.
This divergence highlights that long-term investors are taking advantage of the weaker market conditions in 2026 to strategically add to their Bitcoin allocations.
In September, CBTC was the most traded Bitcoin ETP on the SIX Swiss Exchange. As investors continue to build their core digital asset positions, CBTC remains the premier vehicle for physically backed exposure.
Learn more about CBTC: https://t.co/w8WB6RtslA
This divergence highlights that long-term investors are taking advantage of the weaker market conditions in 2026 to strategically add to their Bitcoin allocations.
In September, CBTC was the most traded Bitcoin ETP on the SIX Swiss Exchange. As investors continue to build their core digital asset positions, CBTC remains the premier vehicle for physically backed exposure.
Learn more about CBTC: https://t.co/w8WB6RtslA
Our Chief Investment Strategist, @adrianwjfritz, breaks down the power of continuous, decentralised trading.
When geopolitical shocks struck on Saturday, February 28, 2026, the CME and other traditional exchanges were closed. Investors needed to re-price oil immediately, and @HyperliquidX was the only major platform open. Crude oil perpetual contracts traded in real time and completed price discovery nearly 48 hours before traditional markets opened on Monday.
Continuous 24/7 liquidity is redefining how global markets operate.
Full video: https://t.co/RTY8gltwvd
When geopolitical shocks struck on Saturday, February 28, 2026, the CME and other traditional exchanges were closed. Investors needed to re-price oil immediately, and @HyperliquidX was the only major platform open. Crude oil perpetual contracts traded in real time and completed price discovery nearly 48 hours before traditional markets opened on Monday.
Continuous 24/7 liquidity is redefining how global markets operate.
Full video: https://t.co/RTY8gltwvd
Recent public posts from @21shares, shown as published. Not reviewed or endorsed by CryptoReview.
Alternatives to 21shares
Global asset manager with $15.3T in assets under management as of June 2026
Spot ETFs · Index funds +3Retail · Institutions +1iShares ETFs · Aladdin +1
European digital asset manager with physically backed ETPs and over $7B in AUM
Spot ETFs · ETPs / ETNs +2Retail · Institutions +1$7.4 billion (December 2025)
Institutional digital asset manager and Nasdaq-listed firm founded in 2018
Spot ETFs · ETPs / ETNs +3Retail · Accredited investors +2Invesco Galaxy Bitcoin ETF (BTCO) · XBSE +3
Crypto asset manager running over 70 products with $9B in client assets
Spot ETFs · ETPs / ETNs +5Retail · Accredited investors +2$9 billion as of June 2026
Crypto asset manager founded in 2013 and backed by Digital Currency Group
Spot ETFs · ETPs / ETNs +2$50 billion in 2021Grayscale Bitcoin Trust · Grayscale Ethereum Trust +3
Independent asset manager with $2.54T AUM and the BTCO spot bitcoin ETF
Spot ETFsRetail · Institutions +1Invesco Galaxy Bitcoin ETF, BTCO