21Shares Hires Former iShares Head to Run US ETF Operations

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21Shares US LLC, a provider of crypto exchange-traded funds (ETFs), has appointed Federico Brokate as the Vice President, Head of U. S. Business. This hire is expected to strengthen the firm’s U.S. operations in light of the company’s growing business in the market.

Brokate has a strong background in the ETF industry strategy, distribution, and product development as he was the head of America’s iShares Business Strategy at BlackRock.

21Shares Hires Former iShares Head Federico Brokate

This appointment, the firm says, will strengthen its U.S. based business which currently has six crypto-asset ETFs and over $3.2 billion in assets under management.

Ophelia Snyder, Co-Founder and President of 21Shares, said that Brokate would help the company move to the next level of growth.

“Federico has over 7 years of experience in the ETF industry operational, marketing and product roles at 21 shares. We are very bullish on the US business and Federico’s contribution will be critical to our strategy and growth in the US,” Snyder added.

Expansion and Innovation in Crypto-Asset ETFs

This comes at a right time as 21Shares keep on expanding its services in the crypto-asset ETF market. Following the launch of five futures-based ETFs in the U. S. market in November 2023, the company launched its much-awaited spot Bitcoin ETF in January 2024.

This is in line with the company’s strategy of growing its physically-backed crypto asset ETFs portfolio.

Federico Brokate was eager to join 21Shares, noting the firm’s focus on innovation and operational effectiveness.

“I am honored to become the Head of the U. S. Business at 21Shares at this exciting time of our company’s return to its cryptocurrency origins,” said Brokate.

21Shares Core Ethereum ETF

This strategic appointment is very timely especially since the crypto-asset ETF market is rapidly evolving. This broader market shift includes the recent decision by ARK Invest to discontinue its collaboration with 21Shares in the Ethereum spot ETF project.

While ARK Invest pauses to rethink its approach to investments, 21Shares continues to build up its product offering.

The company has recently changed the name of its Ethereum fund from the Ark 21Shares Ethereum ETF to the 21Shares Core Ethereum ETF which indicates that the company continues to strive for offering a direct market access by coming up with new products. This move is consistent with 21Shares’ ambition to dominate the market for futures-based and spot crypto-asset ETFs.

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