According to Blockworks, a former executive of the world's largest asset management company has joined another ETF provider, and both companies plan to expand their cryptocurrency products in the near future. Federico Brokate, former director of strategy for BlackRock's iShares Americas business, now leads 21Shares' U.S. business. 21Shares poached the executive from BlackRock, which launched the first U.S. spot Bitcoin ETF in January this year. Brokate was responsible for the listing strategy of BlackRock's iShares Bitcoin Trust (IBIT), which is now the largest Bitcoin fund with about $19.8 billion in assets. The two asset management companies also plan to launch spot Ethereum ETFs soon after the U.S. Securities and Exchange Commission officially allows their registration statements, or S-1s, to become effective. 21Shares co-founder Ophelia Snyder said in a statement that Brokate's "experience" in "strategy, distribution and products" will be crucial to 21Shares' "continued success" in the U.S. market.
