- CoinShares to buy Bastion Asset Management, expanding US crypto investment products.
- Deal boosts CoinShares’ push into active crypto ETFs amid rising institutional demand.
- Firm targets $1.2B US listing as SEC streamlines approval process for crypto ETFs.
European digital asset manager CoinShares is moving deeper into the US market with a new strategic acquisition and plans for a public listing.
The firm announced Wednesday that it will acquire London-based Bastion Asset Management, marking a significant step in its effort to broaden crypto investment products in the United States.
The acquisition, which remains subject to approval from the UK Financial Conduct Authority (FCA), will see Bastion’s trading capabilities, systematic strategies, and team fully integrated into the CoinShares platform.
The financial terms of the deal were not disclosed.
A CoinShares spokesperson described the move as a way to combine Bastion’s expertise with the company’s US registration to develop more sophisticated investment products.
“By combining Bastion’s systematic trading expertise with our 1940 Act registration, we can develop actively managed products for the US market that go beyond simple directional exposure to cryptocurrencies,” the spokesperson said.
Active ETFs gain ground
CoinShares is positioning itself to take advantage of a growing shift in investor appetite toward actively managed exchange-traded funds (ETFs).
Unlike passive ETFs, which track an index or asset, active ETFs rely on managers to select investments and aim to outperform the market.
“Most crypto asset managers in the US focus exclusively on passive products that simply track cryptocurrency prices,” the CoinShares spokesperson said in a Cointelegraph report, noting a growing institutional demand for more complex solutions.
The company holds registered investment adviser status under the US Investment Company Act of 1940, which allows it to offer actively managed investment products, including ETFs.
However, these require advanced quantitative and systematic trading expertise—capabilities CoinShares expects to gain from Bastion.
Bastion’s team brings more than 17 years of experience in systematic, alpha-generating strategies developed at major hedge funds including BlueCrest Capital, Systematica Investments, Rokos Capital, and GAM Systematic.
Their approach, which uses academically supported signals to generate returns independent of market direction, aligns with CoinShares’ aim to provide differentiated strategies.
The timing coincides with a broader rise in active crypto ETFs.
While passive products such as spot Bitcoin and Ether funds have historically dominated the market, the number of active ETFs overtook index-tracking funds in July.
Industry data show active funds more than doubled over the past five years, signaling a structural shift in investor preferences.
Building a US presence
CoinShares’ acquisition comes alongside its plan for a US public listing through a special purpose acquisition company (SPAC), valuing the firm at $1.2 billion pre-money.
A US exchange listing is expected to deepen access to capital markets and increase visibility among American institutional investors.
“The US remains the world’s deepest capital market for digital assets, and we’re building the infrastructure, team, and product suite to become a leading institutional player in that market,” CoinShares said.
The announcement follows recent regulatory developments in the US.
The Securities and Exchange Commission has approved rule changes allowing securities exchanges to adopt generic listing standards for new crypto funds.
The change is expected to streamline the process for ETF approvals, cutting the timeline from as long as 240 days to a maximum of 75 days.
With Bastion’s quantitative trading team onboard and the US listing on the horizon, CoinShares is preparing to position itself as a leading provider of both directional and alpha-generating crypto investment products in the world’s largest capital market.
