Both firms are looking to expand their cryptocurrency offerings.
Federico Brokate leads 21Shares US’s US business. Federico Brokate was previously the Americas strategy director at BlackRock iShares.
BlackRock’s executive was hired by 21Shares after the two companies launched the US spot Bitcoin ETFs together in January. Brokate was responsible for BlackRock’s go-to-market strategy for the iShares Bitcoin Trust (IBIT) — now the largest bitcoin fund, with roughly $19.8 billion in assets.
Both asset managers plan to bring spot ether exchange traded funds to the market once their S-1 registration statements are approved by Securities and Exchange Commission.
Brokate’s “experience across strategy, distribution and product” will be key to 21Shares‘ “continued success in the US market,” Ophelia Snider, 21Shares founder and co-founder, said so in a recent statement.
Bloomberg Intelligence analyst Eric Balchunas referred to it as “a “big-time hire” in an X post — adding it is a “byproduct of [21Shares’] recent growth.”
Ark 21Shares Bitcoin (ARKB) ETF, which was launched in partnership with Ark Invest has approximately $3 billion of assets. Though Ark revealed last month it would not be its partner on the company’s spot ether ETF, 21Shares is pushing forward with that product — noting at the time it was “committed to increasing access to crypto as an asset class for US investors.”
Other notable developments
- Azuki has appointed Steve Chung its first Chief Operating Officer as part of the traditional media transition from Web2 Web3. Chung is slated to be “closely involved” with the launch of AnimeChain — a anime fan-focused blockchain network, the company said.
- BlockTower Capital, an investment firm, has named David Burke its head of partner and client strategy. Burke served as a MKP Capital partner and, most recently, a senior executive with Orchard Global.
- Circle has added 137 staffers since the start of 2024, Bloomberg reported this week — a roughly 15% increase. It has been stated that the company intends to go public in the future.
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