CoinShares, Europe’s largest crypto asset manager with about $10 billion under management, said Wednesday it will acquire Bastion Asset Management, a London‑based investment firm specializing in systematic digital asset strategies. The deal is subject to approval by the UK Financial Conduct Authority (FCA). Financial terms were not disclosed.
The acquisition comes as CoinShares prepares for a U.S. listing via a special purpose acquisition company, which would value the firm at $1.2 billion. The company said integrating Bastion’s team and strategies will allow it to broaden its range of actively managed investment products for U.S. institutional clients.
“By combining Bastion’s systematic trading expertise with our 1940 Act registration, we can develop actively managed products for the U.S. market that go beyond simple directional exposure to cryptocurrencies,” a CoinShares spokesperson told Cointelegraph.
Investor Takeaway
Active vs. Passive ETF Strategies
Bastion’s 17‑member team, including CEO Philip Scott and CIO Fred Desobry, brings more than 17 years of experience developing systematic strategies at hedge funds such as BlueCrest Capital, Systematica Investments, Rokos Capital and GAM Systematic. The firm focuses on market‑neutral and quantitative approaches, designed to generate alpha independent of market direction.
CoinShares is best known for its exchange‑traded products that track crypto prices. Adding Bastion’s strategies will allow the firm to pair passive funds with active products. A pension fund using CoinShares’ bitcoin ETPs, for instance, could now allocate to a market‑neutral crypto fund aimed at smoothing returns in volatile markets.
“Most crypto asset managers in the U.S. focus exclusively on passive products that simply track cryptocurrency prices,” a CoinShares spokesperson said. “There is growing institutional demand for more sophisticated investment solutions.”
Surge of Active ETFs
In July 2025, the number of active crypto ETFs globally overtook index‑tracking funds for the first time, more than doubling in the past five years, according to Bloomberg Intelligence. The shift mirrors trends in traditional finance, where active ETFs are increasingly challenging passive funds’ dominance.
CoinShares said it will offer both directional products and market‑neutral strategies, targeting institutional investors seeking alpha regardless of market conditions. The firm’s U.S. registration under the Investment Company Act of 1940 gives it permission to launch such actively managed vehicles, a differentiator from competitors limited to passive funds.
“Their quantitative approach, using academically backed signals to generate returns independent of market direction, is precisely the type of sophisticated, actively managed strategy that differentiates managers in competitive markets,” CoinShares said of Bastion.
Investor Takeaway
CoinShares’ U.S. Expansion Plans
The Bastion acquisition underlines CoinShares’ push into the U.S., where it is preparing to go public through a SPAC merger. CEO Jean‑Marie Mognetti said the deal “perfectly aligns with our vision to provide our global investor base with comprehensive digital asset management solutions.”
“Having worked closely with Bastion over the course of the last year, we have experienced first‑hand the performance of their strategies and witnessed their expertise in systematic digital asset investing,” Mognetti added.
The U.S. market is opening to new crypto investment products after the Securities and Exchange Commission in August approved a rule change that shortens ETF launch timelines to 75 days from 240 days. CoinShares said a U.S. listing would provide “deeper access to capital markets and significantly enhance visibility with American institutional investors.”
The combination of Bastion’s trading expertise and CoinShares’ U.S. regulatory status could put the firm in a stronger position to challenge incumbents as the next wave of crypto investment products comes to market.