21Shares recruits Federico Brokate, former iShares lead Strategist, as VP to grow its US crypto ETF offerings, boosting its $3.2bn portfolio.
Federico Brokate has been appointed Vice President and head of U.S. Business at 21Shares US LLC, a crypto exchange-traded funds (ETFs) provider. In light of the company’s expanding business in the market, this appointment is anticipated to bolster the firm’s U.S. operations.
Brokate’s expertise in the ETF industry spans product development, distribution, and strategy, as he served as the president of America’s iShares Business Strategy at BlackRock.
Federico Brokate has been hired by 21Shares
The firm asserts that this appointment will fortify its U.S.-based business, which presently manages over $3.2 billion in assets and has six crypto-asset ETFs.
Ophelia Snyder, the Co-Founder and President of 21Shares, stated that Brokate would assist the company in transitioning to the next phase 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.
Innovation and Expansion in Crypto-Asset Exchange Traded Funds
This announcement is timely as 21Shares continues to broaden its offerings in the crypto-asset ETF market. The company introduced its eagerly anticipated spot Bitcoin ETF in January 2024, following five futures-based ETFs in the U.S. market in November 2023.
This is consistent with the organization’s objective to expand its portfolio of physically-backed crypto asset exchange-traded funds (ETFs).
Federico Brokate was enthusiastic about joining 21Shares, as he recognized the company’s emphasis on operational efficiency and innovation.
“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 Main Ethereum ETF
This strategic appointment is particularly pertinent in light of the swiftly changing crypto-asset ETF market. This broader market transition encompasses the recent decision by ARK Invest to terminate its partnership with 21Shares in the Ethereum spot ETF project.
21Shares is expanding its product line as ARK Invest takes a break to reevaluate its investment strategy.
The company just changed the name of its Ethereum fund from the Ark 21Shares Ethereum ETF to the 21Shares Core Ethereum ETF. This change indicates the company’s ongoing commitment to providing direct market access through developing new products. This action is to 21Shares’ aspiration to dominate the market for crypto-asset ETFs that are based on futures and current prices.
