Cathie Wood, founder and CEO of Ark Investment Management LLC, joined the board of Swiss crypto platform Amun Holdings Ltd. She has already personally invested in the operator of 21Shares AG, which specializes in exchange-traded products (ETPs).
Wood met Amun co-founder and president Ophelia Snyder before the pandemic at a 2019 conference, and they struck up a conversation about the structure of the industry and the potential of new technology applications. Snyder believes that Cathie Wood's advice on critical business strategy, product development and distribution will be critical as 21Shares expands globally.
Wood, in turn, is excited about the sharp understanding and leading research on the evolving asset class. She will support the effort and forge new directions for crypto ETPs with 21Shares, she told Bloomberg.
Expansion of the crypto ETP issuer
Zurich-based Amun's assets under management have grown from $27 million in March 2020 to about $2 billion, CEO Hany Rashwan said in an interview. According to Rashwan, they are profitable - with $40 million to $50 million in annual revenue generated from both private clients and institutional investors such as family offices.
"We built the company to make crypto as accessible as stocks and have seen tremendous demand for our products. [...] It is quickly becoming attractive for many asset managers, private banks, family offices and individuals to invest in crypto assets. We expect to reach even bigger highs in 2021, both in our assets under management and in the overall crypto ecosystem." - Hany Rashwan, CEO Amun
The instruments of Amun and 21Shares are listed on national exchanges in Switzerland, Austria and Germany, among other countries. The company plans to launch its first non-European product in the coming months, as well as expand their ETP offering by up to 30 products in eight countries later this year.
