Co-founders of 21Shares and Amun share why crypto index products are signs of a maturing industry

Episode 30 of Season 4 of The Scoop was recorded at the Bitcoin 2022 conference in Miami with The Block’s Frank Chaparro and 21Shares and Amun co-founders, Hany Rashwan and Ophelia Snyder.

Listen below, and subscribe to The Scoop on AppleSpotifyGoogle PodcastsStitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected].

Amun Holdings Limited - owner of both 21Shares and Amun, Inc. - introduced the first crypto exchange traded product (ETP) to market back in 2018.

Although the collaborative ARK Investments and 21Shares bitcoin spot ETF was recently rejected in the US, 21Shares remains the world’s largest provider of crypto ETPs with 30 unique products currently trading across exchanges. 

In this episode of The Scoop, recorded at the Bitcoin 2022 conference in Miami, 21Shares and Amun co-founders Hany Rashwan and Ophelia Snyder sat down with host Frank Chaparro to discuss the current landscape of crypto ETPs, and explain why they believe the rise of crypto index tokens and crypto basket ETPs are signs of a maturing industry.

As Snyder commented during the interview:

"'Is bitcoin going to zero this year?' is no longer a continuing ongoing narrative. That changes things. It means that people are starting to look at crypto as an asset class, as an industry, as a theme… It's not, 'ok, will bitcoin now exist?' It’s now: ‘Ok, well crypto is definitely going to exist, so what is the S&P 500 of crypto?’

While 21Shares has the most ETP offerings on the market, other firms are also developing crypto basket products such as Bitwise’s recently announced NFT index fund (though this fund is only available to accredited investors).

Given their positions in the market, both Rashwan and Snyder are very aware of the institutional funds flowing into the crypto: something the two have continued to witness despite the market’s drawdown over the last few months. 

As Snyder explained:


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“The thing I find most interesting about flow data is that it is not highly correlated with price. And I had a very interesting conversation with one of our lead market makers about a week ago talking about what’s going on in this market actually, and what are they seeing on the trading side, and one of the key takeaways is this: the institutions are actually forming thesis based investment philosophies. So they look at fundamentals… they develop a thesis and they invest.” 

During this episode of The Scoop, Chaparro, Rashwan, and Snyder also discuss:

  • Progress on a Bitcoin Spot ETF
  • Crypto Basket Index Tokens vs. Crypto ETPs
  • How Amun and 21Shares work with global regulation of digital assets

This episode is brought to you by our sponsors FireblocksCoinbase Prime & Cross River
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit

About Coinbase Prime
Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit

About Cross River
Cross River is powering today’s most innovative crypto companies, with banking and payments solutions you can rely on, including fiat on/off ramp solutions. Whether you are a crypto exchange, NFT marketplace, or wallet, Cross River’s API-based, all-in-one platform enables banking as a service, ACH & wire transfers, push-to-card disbursements, real-time payments, and virtual accounts and subledgers. Request your fiat on/off ramp solution now at

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].