Crypto Investment-Product Firm 21Shares’ Parent Raises $25M, Pushing Valuation to $2B

The round, led by alternative investment firm Marshall Wace, comes as the crypto market faces what some observers are calling a crypto winter. The total cryptocurrency market cap has slumped to less than $1 trillion from about $3 trillion in November and bitcoin, the largest cryptocurrency, has dropped 59% this year. Firms grappling with lower cryptocurrency prices have been forced to cut costs, with casualties including investment fund Three Arrows Capital and lender Celsius Network.