The institutional crypto sector witnessed a significant transformation as FalconX, a top digital asset prime broker, completed its purchase of 21shares, a trailblazer in crypto exchange-traded products. This transaction,
first revealed in November 2025
, propels FalconX’s reach into trading, asset management, and market infrastructure throughout the U.S., Europe, and Asia-Pacific. By bringing 21shares’ proficiency in crypto ETPs and ETFs into its fold, FalconX seeks to connect the worlds of traditional finance and digital assets. Russell Barlow, who leads 21shares,
stressed the collaboration’s promise
to “expand the range of products and services available to clients,” while 21shares will continue to operate independently under FalconX’s ownership.
At the same time,
BitMine Immersion
Technologies (NYSE: BMNR), a company focused on Ethereum treasury management, continued its assertive accumulation,
acquiring an additional $83 million in ETH
for its reserves. The company now holds close to 3.6 million ETH—roughly 2.9% of all circulating ETH—even as the market faces a correction. This strategy supports BMNR’s ambition to secure 5% of Ethereum’s total supply through equity fundraising and staking incentives, despite currently sitting on $3.7 billion in unrealized losses. Tom Lee, chairman of BMNR and a prominent
Ethereum
supporter,
links the recent price decline
to “quantitative tightening” and forecasts a recovery to $7,500 before the year concludes.
Institutional interest in Ethereum continued to rise as
BlackRock
established a staked Ethereum trust in Delaware, indicating plans to introduce a yield-generating ETH ETF in the United States.
The registration, which currently avoids the Securities Act
of 1933, positions BlackRock to provide investors with access to both ETH price changes and staking income—a feature not present in current spot ETH ETFs. With 30% of Ethereum already staked and annual yields around 3%, this move fills a significant market gap.
BlackRock’s strategy, utilizing Coinbase Custody
for both storage and staking, sets it apart from rivals like REX-Osprey and VanEck, who rely on DeFi platforms or staked token custody.
Robinhood and Susquehanna International Group also broadened their presence in the crypto sector by securing a 90% ownership in LedgerX, a derivatives platform previously under FTX. [The deal, referred to as a “regulated infrastructure play”]
https://www.bloomberg.com/news/articles/2025-11-26/miax-sells-ledgerx-exchange-once-owned-by-ftx-to-susquehanna-and-robinhood
, gives these companies control over event contracts for prediction markets, an area experiencing rapid growth. JB Mackenzie, Robinhood’s vice president,
pointed to robust user interest
in prediction markets, framing the acquisition as a strategic answer to Kalshi’s leadership in this field.
Nonetheless, the market continues to face headwinds.
Bitcoin’s latest decline
, caused by ETF outflows and tighter liquidity, highlights the challenges of integrating crypto into institutional portfolios. Blockchain data shows a split in investor behavior: major holders are accumulating, while leveraged traders and retail participants are pulling back.
The weakening U.S. Dollar Index
and Treasury yields hovering around 4% add complexity to Bitcoin’s status as a macro hedge, with its correlation to the Nasdaq 100 now at 0.72.