Eliézer Ndinga

Director of Strategy

Eliézer Ndinga is Global Head of Research at 21Shares, the world's largest ETP issuer of cryptoassets. He founded and leads the research department at 21.co, the parent company of 21Shares, producing data and analysis used by financial institutions, regulators, and media. His work focuses on thesis-driven insights into crypto markets and patterns associated with the global economy and geopolitics. The research department also develops frameworks and tools to support product innovation. Under his tenure, assets grew from $20 million to over $2 billion.

Ndinga has nearly ten years of experience in crypto. Previous research papers have been featured by organisations including RAND, a global policy think tank. He began his career in venture capital, investing in seed and early-stage companies in New York, including a billion-dollar fintech startup. He is a guest lecturer on blockchain technology. He holds a master's degree in International Business with Honors, for which he wrote a thesis on how the Bitcoin network could improve financial inclusion in developing economies, and has studied at institutions including the Université d'Orléans, INSEEC, Harvard University, and Grenoble École de Management.

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Analysis

Market analysis: the crypto industry in 2003

Grégory Raymond

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Interviews

Eliézer Ndinga (21Shares): "Family offices have never been so active in cryptos"

Raphaël Bloch

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Adrian Fritz

Chief Investment Strategist

Adrian Fritz is Chief Investment Strategist at 21Shares, based in Zurich, where he also holds the title of Global Head of Research. In his research role, he produces data-based market analysis focused on the cryptoasset industry. His work spans institutional investor education on digital assets, market structure analysis covering Bitcoin, Ethereum and altcoins, and commentary on ETF flows, funding rates and futures positioning. He has participated in public analyst calls addressing topics including crypto market corrections, ETF demand dynamics, and the entry of traditional financial institutions into Bitcoin markets. In February 2026, he spoke at The Big Whale's Market Call on the competitive positioning of native crypto issuers versus traditional finance, and at the Digital Assets Forum in London in the same month.

Alongside his role at 21Shares, Fritz lectures on Digital Finance, Blockchain and DeFi at HWZ University of Applied Sciences in Business Administration Zurich, a position he has held since May 2022. He also serves as a lecturer at CCFE – Certified Crypto Finance Expert, a Swiss blockchain and crypto education programme for the financial industry, since November 2021. Earlier in his career, he worked at Signature Management Consultants in Barcelona and as a financial analyst at Cellnex Telecom in Zurich, following earlier experience in investment banking and stock broking in New York. He holds a master's degree from Hult International Business School in San Francisco and holds several blockchain certifications.

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Jenni Himberg-Wild

EMEA Head of Fintech Coverage, HSBC

Jenni Himberg-Wild is a Managing Director at HSBC covering the fintech sector across EMEA. With around two decades of experience in corporate and transaction banking, she previously served as Managing Director, Head of Financial Institutions & Fintech Europe at Barclays. She is a regular speaker at industry events such as Money20/20 Europe and PAY360.

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Bugra Celik

Head of Digital Assets and Currencies, Global Macro, HSBC

Bugra Celik leads HSBC's digital assets and currencies work within Global Macro in Hong Kong, after previously serving as Director of Digital Assets in Global Private Banking & Wealth. A digital product professional with 16+ years across telecoms, e-commerce and financial services (Turkcell, Mox Bank, Liv. by Emirates NBD, OSL), he works on tokenization, stablecoin and CBDC initiatives, including HSBC's tokenized gold products in Hong Kong.

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Lewis Sun

Global Head of Digital Money, HSBC

Lewis Sun is HSBC's Global Head of Digital Money and Global Head of Domestic & Emerging Payments within Global Payments Solutions, based in Hong Kong. He joined HSBC in 2002 as a Product Manager in mainland China and has held senior payments roles including Head of GPS for HSBC China and Regional Head of Product Management for Asia Pacific. He is a frequent speaker on digital money, CBDCs and tokenized deposits at Sibos and the Singapore FinTech Festival.

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Eliézer Ndinga

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