21Shares’ XRP and Solana ETFs Hit $1 Billion in Europe
It’s been a big year for 21Shares. The crypto ETF issuer just hit a major milestone—its XRP and Solana exchange-traded products have pulled in over $1 billion in assets in Europe alone. That’s not pocket change, and it suggests investors are still hungry for crypto exposure, even with all the market ups and downs.
Federico Brokate, who heads up U.S. operations for 21Shares, dropped the news in a recent interview. “You can only imagine what that will look like in the U.S. once those products are approved,” he said. Right now, these ETFs are only available on European exchanges like Nasdaq Stockholm and SIX Swiss Exchange. But if demand there is any indication, the U.S. could see a similar rush whenever regulators give the green light.
Growth Under New Leadership
Brokate took the reins earlier this year, and since then, 21Shares has been pushing hard to expand. The company now manages billions in assets and has close to 50 employees in the U.S. alone. Before joining 21Shares, Brokate worked at BlackRock, so he knows a thing or two about ETFs. His focus seems to be on bridging the gap between traditional finance and crypto, especially as more institutions dip their toes into digital assets.
It’s not just about launching new products, though. The strategy appears to be about making sure these offerings fit within the regulatory framework—something that’s still a moving target in the U.S.
A Nod to the SEC’s Role
Speaking of regulation, Brokate had some surprisingly positive things to say about the SEC. Given how often crypto firms clash with regulators, his comments stood out. He praised the agency for its “active oversight” and pointed to recent legislative efforts, like the CLARITY Act, as signs that Washington might finally be getting its act together on crypto rules.
“The number of things on the administration’s plate right now is quite astonishing,” he admitted. But he also seemed optimistic, adding that the support for certain bills—and the potential for future approvals—shows a shift in how policymakers view crypto.
Whether that optimism is warranted remains to be seen. Regulatory clarity has been a long time coming, and the SEC hasn’t always been crypto’s biggest fan. Still, if 21Shares’ success in Europe is any indication, there’s plenty of demand waiting on the sidelines—whenever the U.S. decides to catch up.
