- CoinShares acquires Bastion Asset Management and expands its US crypto investment offerings.
- The deal strengthens CoinShares’ push into active crypto ETFs amid rising institutional demand.
- The firm targets a $1.2 billion US listing as the SEC streamlines the approval process for crypto ETFs.
European digital asset manager CoinShares is deepening its presence in the United States through a strategic acquisition and plans for a public listing.
On Wednesday, the company announced it will acquire London-based Bastion Asset Management, a move that marks a key step in expanding its suite of crypto investment products in the US market.
The acquisition, which remains subject to approval by the UK Financial Conduct Authority (FCA), will fully integrate Bastion’s trading capabilities, systematic strategies, and team into the CoinShares platform.
Financial terms of the transaction were not disclosed.
A CoinShares spokesperson described the transaction as a way to combine Bastion’s expertise with CoinShares’ US registration to develop more sophisticated investment products.
“By pairing Bastion’s systematic trading expertise with our 1940 Act registration, we can create 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 benefit from a growing investor shift toward actively managed exchange-traded funds (ETFs).
Unlike passive ETFs that track an index or asset, active ETFs rely on managers to select investments with the aim of outperforming the market.
“Most crypto asset managers in the US focus solely on passive products that simply track cryptocurrency prices,” the CoinShares spokesperson told Cointelegraph, noting increased institutional demand for more sophisticated solutions.
The firm is registered as an investment adviser under the US Investment Company Act of 1940, enabling it to offer actively managed investment products, including ETFs.
Those products require advanced quantitative and systematic trading expertise—capabilities CoinShares expects to acquire through 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—using academically supported signals to generate returns independent of market direction—aligns with CoinShares’ goal of delivering differentiated strategies.
The timing coincides with a broader rise in active crypto ETFs.
While passive products like spot Bitcoin and Ether funds have historically dominated, the number of active ETFs surpassed index-tracking funds in July.
Industry data shows active funds have more than doubled over the past five years, signaling a structural shift in investor preferences.
Building a US Presence
The Bastion acquisition comes alongside CoinShares’ plans for a US listing via a special purpose acquisition company (SPAC), which values the firm at $1.2 billion pre-money.
A US listing is expected to deepen access to capital markets and raise the company’s profile among American institutional investors.
“The US remains the world’s deepest capital market for digital assets, and we are building the infrastructure, team, and product set to become a leading institutional player in that market,” CoinShares said.
The announcement follows recent regulatory developments in the United States.
The Securities and Exchange Commission has approved rule changes allowing exchanges to adopt generic listing standards for new crypto funds.
The change is expected to streamline the ETF approval process and reduce timelines from as long as 240 days to a maximum of 75 days.
With Bastion’s quantitative trading team onboard and a 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.