As Passive Fades, CoinShares Bets Big on Active Crypto Strategies

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

The strategic move aligns with CoinShares' vision to become a comprehensive digital asset management platform. By combining Bastion's quantitative alpha generation strategies with CoinShares' existing passive offerings, the firm aims to provide investors with a full spectrum of solutions, from exchange-traded products (ETPs) to sophisticated actively managed funds. Jean-Marie Mognetti, CEO and Co-Founder of CoinShares, emphasized that Bastion's institutional-grade approach and proven track record in systematic investing enhance CoinShares' ability to serve sophisticated clients. Bastion's team, including CIO Fred Desobry and CEO Philip Scott, brings over 17 years of experience in systematic trading, having previously worked at leading hedge funds such as BlueCrest Capital and Systematica Investments.

The acquisition underscores a broader shift in the crypto investment landscape. While passive ETFs have historically dominated the market, active strategies are gaining traction. CoinShares noted that the number of active crypto ETFs surpassed passive funds in July 2025, reflecting growing demand for diversified, market-agnostic strategies. By leveraging Bastion's expertise, CoinShares aims to develop products that generate returns independent of market direction, a critical differentiator in competitive institutional markets. The firm also highlighted the potential for these strategies to capitalize on regulatory changes, including streamlined ETF approval processes in the U.S. that reduce the time from filing to launch.

CoinShares' expansion into active management is part of its broader U.S. market strategy. The company plans to pursue a public listing in the U.S. via a special purpose acquisition company (SPAC) at a $1.2 billion pre-money valuation. This move is intended to deepen access to U.S. capital markets and enhance visibility among institutional investors. "The U.S. remains the world's deepest capital market for digital assets," Mognetti stated, adding that the firm is building infrastructure and product suites to solidify its position as a leading institutional player in the region.

The acquisition also aligns with CoinShares' response to evolving investor preferences. As institutional demand for active strategies grows, the firm is positioning itself to offer products that extend beyond simple exposure to crypto assets. Bastion's market-neutral strategies, which utilize academically backed signals, are expected to provide investors with tools to navigate volatile market conditions. CoinShares' 1940 Act registration further enables the development of sophisticated funds, differentiating it from traditional asset managers and crypto infrastructure players.

The integration of Bastion into CoinShares' platform is expected to accelerate the launch of actively managed ETFs in the U.S., a market where CoinShares sees significant growth potential. With the acquisition, the firm aims to address the increasing appetite for dynamic investment solutions, particularly among institutional clients seeking to diversify their crypto portfolios. As the U.S. regulatory environment continues to evolve, CoinShares' strategic moves position it to capitalize on emerging opportunities while addressing the need for innovation in digital asset management.