CoinShares' Bastion Buy Signals Shift to Active Crypto Era

CoinShares International Limited (Nasdaq Stockholm: CS; OTCQX: CNSRF), the leading European asset manager specializing in digital assets with approximately US$10 billion in assets under management (AuM), announced on October 1, 2025, the acquisition of London-based Bastion Asset Management Limited, a Financial Conduct Authority (FCA)-regulated crypto-focused alternative investment manager. The transaction, pending regulatory approval from the UK FCA, aims to strengthen CoinShares' actively managed digital asset capabilities and accelerate its expansion in the U.S. market. Upon completion, Bastion's strategies, team, and expertise will be fully integrated into CoinShares, enhancing its position as a comprehensive digital asset management platform.

The acquisition aligns with CoinShares' strategic vision to offer a "one-stop shop" for digital asset investments by combining passive products like exchange-traded products (ETPs) with sophisticated active strategies. Jean-Marie Mognetti, CEO and co-founder of CoinShares, emphasized that Bastion's institutional-grade quantitative alpha generation and systematic investing expertise would enable the firm to serve sophisticated investors seeking differentiated digital asset solutions. Philip Scott, co-founder of Bastion, noted the acquisition would scale its investor base and accelerate the development of alternative programs.

Bastion's integration brings market-leading quantitative strategies to CoinShares, led by CIO Fred Desobry, who has 17 years of experience in systematic investing, and CEO Philip Scott, with over 25 years in financial services. This expertise, combined with CoinShares' registered Investment Advisor (1940 Act) status in the U.S., positions the firm to launch actively managed funds tailored for institutional clients. The move differentiates CoinShares from traditional asset managers and crypto infrastructure providers, as it leverages Bastion's market-neutral and alpha-generating approaches to address volatile market conditions.

The U.S. market expansion is a critical component of CoinShares' growth strategy. By developing actively managed products, the firm aims to capitalize on growing institutional demand for sophisticated crypto solutions. CoinShares highlighted that while U.S. crypto firms predominantly focus on passive ETFs tracking Bitcoin or Ether, the acquisition enables the development of strategies designed to generate alpha independent of market direction. This aligns with broader industry trends, as active crypto ETFs have outnumbered passive funds since July 2025, reflecting a shift toward diversified investment approaches.

CoinShares' expansion is further supported by its planned U.S. public listing via a $1.2 billion SPAC merger with Vine Hill Capital Investment Corp., expected to close by Q4 2025. The listing, which will create Odysseus Holdings Limited, aims to deepen access to U.S. capital markets and enhance visibility with institutional investors. CoinShares currently ranks as the fourth-largest manager of digital asset ETPs globally and holds a 34% market share in Europe.

The acquisition underscores the firm's ability to scale amid favorable regulatory tailwinds. CoinShares has already secured a Markets in Crypto-Assets (MiCA) license in France and is preparing for MiCA implementation across the EU. In the U.S., the SEC's recent approval of streamlined crypto fund listing rules-reducing approval times from 240 to 75 days-creates opportunities for rapid product development.