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European crypto asset manager CoinShares is preparing to go public in the U.S. and is making a strategic move by acquiring London-based Bastion Asset Management. This acquisition is part of CoinShares’ plan to broaden its crypto investment offerings in the U.S. market.
Pending approval from the UK Financial Conduct Authority, the transaction will enable CoinShares to absorb Bastion’s trading infrastructure, strategies, and personnel into its own operations. Terms of the deal were not disclosed.
A CoinShares representative told Cointelegraph that by combining Bastion’s expertise in systematic trading with CoinShares’ 1940 Act registration, the company aims to launch actively managed crypto products in the U.S.—moving beyond simply tracking crypto price movements.
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Active vs. Passive ETFs
Unlike passive ETFs that follow an index or asset, active ETFs rely on fund managers to choose investments and attempt to outperform the market. In the U.S., many crypto asset managers now offer only passive products that mirror cryptocurrency prices. The CoinShares spokesperson emphasized growing institutional demand for more complex investment vehicles.
Because CoinShares is a registered investment adviser under the U.S. Investment Company Act of 1940, it has the regulatory pathway to introduce actively managed strategies in the U.S. These kinds of products demand strong quantitative skillsets and systematic trading — capabilities CoinShares hopes to strengthen through Bastion.
According to CoinShares, Bastion’s team brings over 17 years of experience crafting quantitative strategies at leading hedge funds like BlueCrest Capital, Systematica Investments, Rokos Capital, and GAM Systematic. Their approach uses academically supported signals to generate returns regardless of market direction, which aligns with the type of advanced strategies that differentiate fund managers in competitive marketCoinShares Moves to Acquire Bastion in Response to Growing Active ETF Trend
European crypto asset manager CoinShares is preparing to go public in the U.S. and is making a strategic move by acquiring London-based Bastion Asset Management. This acquisition is part of CoinShares’ plan to broaden its crypto investment offerings in the U.S. market.
Pending approval from the UK Financial Conduct Authority, the transaction will enable CoinShares to absorb Bastion’s trading infrastructure, strategies, and personnel into its own operations. Terms of the deal were not disclosed.
A CoinShares representative told Cointelegraph that by combining Bastion’s expertise in systematic trading with CoinShares’ 1940 Act registration, the company aims to launch actively managed crypto products in the U.S.—moving beyond simply tracking crypto price movement
Active vs. Passive ETFs
Unlike passive ETFs that follow an index or asset, active ETFs rely on fund managers to choose investments and attempt to outperform the market. In the U.S., many crypto asset managers now offer only passive products that mirror cryptocurrency prices. The CoinShares spokesperson emphasized growing institutional demand for more complex investment vehicles.
Because CoinShares is a registered investment adviser under the U.S. Investment Company Act of 1940, it has the regulatory pathway to introduce actively managed strategies in the U.S. These kinds of products demand strong quantitative skillsets and systematic trading capabilities CoinShares hopes to strengthen through Bastion
According to CoinShares, Bastion’s team brings over 17 years of experience crafting quantitative strategies at leading hedge funds like BlueCrest Capital, Systematica Investments, Rokos Capital, and GAM Systematic. Their approach uses academically supported signals to generate returns regardless of market direction, which aligns with the type of advanced strategies that differentiate fund managers in copeti
The Rise of Active Crypto ETFs
Though passive ETFs—especially those for Bitcoin and Ether—dominate the crypto ETF landscape, that trend is shifting. In July 2025, the number of active crypto ETFs surpassed that of index-tracking funds. Over the past five years, the count of active ETFs more than doubled. This change signals evolving market dynamics.
CoinShares plans to offer both directional (i.e., market-following) products and strategies geared toward generating alpha irrespective of market conditions.
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CoinShares’ U.S. Expansion Strategy
CoinShares is also planning a public listing in the U.S. via a special purpose acquisition company (SPAC), targeting a pre-money valuation of $1.2 billion. According to the company, being listed on a U.S. exchange will grant them greater access to American institutional capital markets and boost their visibility among U.S. investors.
Recently, the U.S. Securities and Exchange Commission approved proposed rule changes that would allow securities exchanges to adopt generic listing standards for new crypto funds. This change could speed up the process of ETF launch, cutting the maximum approval time from 240 days to 75 days.