21Shares COO Departs, CEO Hany Rashwan Reassures Firm Has Transition Plan

Tanzeel Akhtar
Last updated: | 1 min read
Source: Nasdaq / Instagram

Switzerland-based exchange traded product (ETP) provider 21Shares has confirmed its chief operating officer Lucy Reynolds, has left the firm.

Before joining 21Shares Reynolds was head of product management at WisdomTree and joined 21Shares in 2020 – Reynolds was unavailable for comment on her departure from the firm.

Hany Rashwan the CEO of 21Shares told Cryptonews.com there is no change in senior management or cause for concern and that Lucy’s departure was “a mutual decision and has been in the works for at least six months so we’re just following the transition plan we designed together.”

At one point 21Shares reached $2 billion in assets under management with products listed on several European exchanges the provider continues to dominate the market. In March this year, 21Shares closed six of its crypto ETPs due to limited investor demand.

Ark 21Shares Bitcoin ETF approval decision coming in January

21Shares is collaborating with Cathie Wood’s Ark Invest and has a spot Bitcoin exchange-traded fund (ETF) application in the pipeline.

The US Securities and Exchange Commission (SEC) has delayed deciding to approve a spot Bitcoin ETF and has been inundated with filings from approximately a dozen issuers, including BlackRock, Fidelity, and Invesco.

On November 20 the S-1 filing for the Ark 21Shares Bitcoin ETF was amended regarding custody arrangements and asset valuation. Market watchers took the change as a positive sign as it indicated ongoing discussions with the SEC to bring the application in line with the regulator’s expectations. The updated filing also revealed the fee for the ETF will be 80 bps, the same as the fee proposed by BlackRock for its iShares Bitcoin Trust.

A recent Bloomberg Intelligence analyst note put the probability for the approval of a spot Bitcoin ETF at 90%. A decision on the Ark 21 Shares Bitcoin ETF is due on January 10.

Over the past 30 days the price of bitcoin has surged 25% to $43,300, partly due to rising optimism that a spot Bitcoin ETF will be approved. A green light from the SEC would be a seal of approval for the nascent crypto sset class, opening up the market to billions of dollars in new money from institutional and retail investors.