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The crypto broker’s acquisition of 21Shares strengthens its presence in structured products and ETF markets, marking a key consolidation milestone.
Ripple-backed Evernorth will list on Nasdaq under “XRPN,” holding $1 billion in XRP reserves, signaling corporate adoption of crypto assets.
Hong Kong’s approval of the first Solana ETF solidifies its role as a hub for regulated digital-asset investment vehicles.
The global crypto industry saw a wave of major developments, from major acquisitions and fund launches to noteworthy regulatory progress in Asia and Russia. Institutional momentum, market structure, and regulatory developments all represent the sector's rapid maturation.
Crypto broker FalconX has agreed to buy 21Shares, a digital-asset ETP manager, in a transaction that highlights the wave of consolidation taking place in the digital finance industry.
The purpose is to combine FalconX's trading and brokerage infrastructure with 21Shares ETP distribution network and product expertise to create next-generation structured and derivative crypto funds.
21Shares manages more than $11 billion in assets with products that provide exposure to Bitcoin, Ethereum, and thematic crypto baskets in a number of jurisdictions. The acquisition follows FalconX’s recent expansion into institutional derivatives.
This deal adds to an ongoing M&A spree in the crypto sector, Coinbase’s $2.9 billion Deribit acquisition, Kraken’s purchase of Small Exchange, and Kraken’s earlier $1.5 billion deal for NinjaTrader.
Ripple Labs is backing Evernorth, a crypto treasury company set to go public via a merger with SPAC Armada Acquisition Corp II.
The firm plans to list on the Nasdaq under the ticker “XRPN”, with over $1 billion in planned capital to accumulate XRP as its reserve asset.
Ripple's participation includes a contribution of its XRP holdings, after an on-chain transfer of almost $500 million in tokens.
Evernorth's approach is similar to MicroStrategy's plan for BTC, using the debt issuance to acquire XRP for its institutional reserves. The decision signals the expanding acknowledgment of digital assets as part of treasury holdings.
Also Read: Will Ripple’s $1 Billion Crypto Treasury Raise XRP Price?
On October 21, Bitcoin spot ETFs saw $477.19 million in net inflows, with all 12 of the active ETFs reporting no outflows.
BlackRock IBIT ETF was the main contributor to the inflow of funds totaling $210.9 million. Additionally, ARK Invest's ARKB came in second with a total of $162.85 million in inflows.
The total value of assets under management across all Bitcoin spot ETFs surpassed $151.5 billion, equivalent to 6.86% of the overall Bitcoin market cap.
The Russian State Duma has taken a draft bill under consideration, which would legally label cryptocurrency obtained during marriage as joint marital property, thereby making it equally shared in divorce cases.
The bill introduced by Igor Antropenko of the governing United Russia party aims to modernize family law in view of the growing crypto ownership in Russia, estimated to be 20 million users holding over $40 billion in digital assets.
The proposal would amend Articles 34 and 36 of the Family Code, offering clarity about the ownership of the asset and preventing spouses from secretly hiding cryptocurrencies.
While the Central Bank of Russia remains cautious toward decentralized crypto, the law is an indication of a major policy turn, as Russia's volume of crypto transactions reached $376 billion between mid-2024 and mid-2025.
Following the crypto market crash on October 11, Tether (USDT) and Circle (USDC) minted a total of more than $7 billion in new stablecoins, which indicated a liquidity stabilization effort.
Tether issued $1 billion USDT over the last eight hours, indicating strong demand for on-chain liquidity.
According to analysts, the widespread minting is viewed as a signal of confidence and a protective step to keep the liquidity circulating among the exchanges.
The IMF has cautioned that stablecoin dominance could pose systemic financial risks, while Standard Chartered projects the global stablecoin market could reach $2 trillion by 2028, driven largely by emerging markets.
Also Read: Can Ethereum Reach $10,000 by Year-End? Experts Weigh in
The Securities and Futures Commission (SFC) of Hong Kong has approved the first spot Solana ETF, managed by China Asset Management (Hong Kong).
The ETF is going to debut on October 27, will be listed on the Hong Kong Stock Exchange, and will have the trading options of USD and RMB, with a management fee of 0.99% and an estimated annual expense ratio of 1.99%.
The approval strengthens Hong Kong’s role as the center for crypto ETFs in Asia after the earlier debut of the Bitcoin and Ethereum spot ETFs.
Other countries like Brazil, Canada, and Kazakhstan have also introduced Solana ETFs, but the US remains notably behind on approvals.
1. What is the significance of FalconX acquiring 21Shares?
The acquisition merges FalconX’s trading infrastructure with 21Shares’ $11 billion ETF product base, enhancing institutional crypto access and diversification.
2. How is Ripple involved in the $1B XRP fund?
Ripple is backing Evernorth, contributing $500 million in XRP tokens to create a listed treasury fund on Nasdaq, modeled after MicroStrategy’s Bitcoin strategy.
3. What drove the $477M Bitcoin ETF inflows this week?
Institutional investors added $477 million across Bitcoin ETFs, led by BlackRock and ARK Invest, signaling renewed confidence after recent market volatility.
4. Why is Hong Kong’s Solana ETF approval important?
It’s Asia’s first Solana ETF and cements Hong Kong’s status as a regulated crypto-finance hub, offering USD and RMB trading options for retail and institutions.
5. What does Florida’s crypto bill mean for the US market?
If passed, the bill would make Florida the first US state to invest up to 10% of public funds in crypto ETFs and assets, a major policy shift toward digital adoption.
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