CoinShares Asset Management

CoinShares Asset Management represents Europe's leading digital asset investment company, operating through the French subsidiary of CoinShares International Limited and achieving the historic distinction of becoming the first continental European asset manager to secure comprehensive MiCA authorization from France's Autorité des Marchés Financiers in July 2025. Headquartered in Jersey with operations across France, Sweden, Switzerland, the UK, and the US, the company manages over $9 billion in assets and has established itself as the pioneer of regulated digital asset investment products in Europe since 2013.

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Note on fees: CoinShares operates competitive fee structures with its flagship Physical Bitcoin ETP charging 0.25% annually (reduced from 0.35% in January 2025), while pioneering zero-fee staking ETPs that eliminate management charges entirely. The company's institutional focus means custom pricing applies to larger mandates and active management strategies.

The company's groundbreaking regulatory achievement positions it as the only asset management firm in continental Europe holding the rare triple license combination of MiCA, MiFID, and AIFM authorizations, enabling comprehensive investment services across all asset classes throughout the European Union. This regulatory framework addresses a critical gap in the European crypto investment landscape where many platforms operate without proper licensing or necessary separation of duties between custody, administration, execution, and portfolio management functions.

Company History & Development

CoinShares' journey began in 2013 when it emerged from Global Advisors, a commodity hedge fund established in 1998, with co-founders Jean-Marie Mognetti and Daniel Masters recognizing the transformative potential of digital assets within traditional financial frameworks. Mognetti brought sophisticated quantitative trading expertise from his role at Hermes Commodities Fund Managers, while Masters contributed over 30 years of energy trading experience, creating a unique combination of traditional commodity expertise and digital asset innovation.

The company achieved several industry firsts, including creating the first Bitcoin regulated fund in 2014 and launching the first open-ended Exchange Traded Product in 2015 through XBT Provider, marking its entry as a pioneer in regulated digital asset investing. These early innovations established CoinShares as the European leader in bridging traditional finance infrastructure with emerging digital asset opportunities.

Strategic expansion accelerated through key acquisitions and partnerships, including the creation of Komainu in 2019—the first hybrid institutional-grade digital asset custodian developed with Nomura and Ledger—and the recruitment of former ETF Securities and WisdomTree executives who brought deep expertise in exchange-traded product structuring and distribution.

The company's institutional credibility was further enhanced through its 2021 uplisting to Nasdaq Stockholm's main market, making it one of the first publicly-traded pure-play digital asset investment companies and providing transparency through quarterly reporting and regulatory oversight.

March 2024 marked a pivotal expansion milestone with the $530 million acquisition of Valkyrie Funds LLC, significantly accelerating CoinShares' entry into the US market and adding approximately $530 million in assets under management to create a truly global digital asset management platform. The Valkyrie platform enabled US ETF infrastructure development while maintaining CoinShares' commitment to product innovation and market differentiation.

July 2025 represented the culmination of CoinShares' regulatory strategy with the historic achievement of MiCA authorization from France's AMF, making it the first continental European regulated asset manager to achieve this milestone and positioning it as the only firm holding the comprehensive triple license combination of MiCA, MiFID, and AIFM authorizations.

Business Model & Core Services

CoinShares operates a diversified digital asset investment platform generating revenue through three primary divisions: Asset Management (generating $30.0 million in Q2 2025), Capital Markets and Hedge Fund Solutions ($11.3 million in Q2 2025), and research and advisory services. The Asset Management division serves as the core revenue driver through management fees on ETPs, active funds, and institutional mandates.

The company's product suite spans multiple investment approaches, from passive exposure through physically-backed ETPs to sophisticated actively-managed funds utilizing quantitative strategies developed by experienced traders with extensive market experience. This comprehensive range accommodates diverse investor needs from simple market exposure to complex trading strategies aimed at outperforming benchmarks.

The CoinShares Physical platform has emerged as Europe's fastest-growing digital asset ETP provider, generating $170 million of net inflows in Q2 2025 (the second strongest quarter on record) and cementing the company's European leadership position. The platform's success reflects sophisticated product structuring and competitive fee positioning.

Capital Markets operations provide diversified revenue streams including ETH staking ($4.3 million in Q2 2025), liquidity provisioning ($1.5 million), delta neutral trading ($2.2 million), and digital asset lending ($2.6 million), demonstrating the platform's ability to generate returns across multiple market conditions.

The company's research capabilities include the BLOCK Index, which delivered 53.7% returns in Q2 2025, outperforming both Bitcoin and traditional equity benchmarks like the S&P 500 and MSCI World, showcasing CoinShares' quantitative expertise in creating sophisticated investment strategies.

Regulatory Compliance & Trust

CoinShares Asset Management has established itself as the regulatory gold standard in European digital asset management through its comprehensive MiCA authorization from France's Autorité des Marchés Financiers, making it the first continental European regulated asset manager to achieve this milestone and enabling comprehensive investment services across all asset classes throughout the European Union.

The company's unique triple regulatory license combination—AIFM License for Alternative Investment Fund Management and delegated UCITS management, MiFID License for portfolio management and investment advice on traditional financial instruments, and MiCA authorization for crypto asset services—creates the only regulatory framework in continental Europe capable of providing genuine professional active management services across both traditional and digital assets.

Operations are currently passported across France, Germany, Cyprus, Ireland, Lithuania, Luxembourg, Malta, and the Netherlands, with the possibility to extend across all EU member states, providing unprecedented regulatory reach for institutional-grade portfolio management with EU regulatory oversight.

Beyond European compliance, the company maintains multi-jurisdictional regulatory authorization including regulation by the Jersey Financial Services Commission in Jersey, the Autorité des marchés financiers in France, and the Securities and Exchange Commission, National Futures Association, and Financial Industry Regulatory Authority in the US.

The platform operates under institutional-grade oversight from Europe's top regulators including the JFSC, FCA, SFSA, and AMF, with legal affairs supported by Baker & McKenzie and financial transparency guaranteed through audits by Baker Tilly adhering to IFRS standards, while security commitments are certified by ISO 27001 standards.

Economics & Value Proposition

CoinShares delivers compelling value through highly competitive fee structures, recently reducing its flagship Physical Bitcoin ETP management fee from 0.35% to 0.25% annually, aligning with the company's US-listed Bitcoin ETF and demonstrating commitment to cost-efficient exposure to digital assets while maintaining institutional-grade product structuring.

The fee reduction establishes CoinShares as offering one of the most affordable options for Bitcoin exposure in Europe, with the new pricing structure making Bitcoin ETP investment more economical than purchasing Bitcoin on many mainstream crypto platforms. This strategic positioning reflects the company's progressive approach toward democratizing digital asset access through regulated products.

CoinShares' innovation extends to pioneering zero-fee products, including staking ETPs with 0% management fees that provide institutional access to blockchain staking rewards, such as the SEI ETP launched in July 2025 offering zero management fees plus 2% staking yield.

The company's robust financial performance demonstrates sustainable economics with EBITDA reaching $26.3 million in Q2 2025 and total comprehensive income of $33 million, supported by strong asset management fees of $30.0 million representing growth from $28.3 million in Q2 2024.

Assets under management reached $6.6 billion at Q2 2025 quarter-end, up from $5.23 billion at the end of Q1, with subsequent growth to highest AUM on record driven by approximately 25% increase versus the end of Q2, reflecting both strong inflows and price appreciation benefits.

The company demonstrates commitment to shareholder returns through a £20 million annual dividend for 2024, paid in quarterly installments, while maintaining strong balance sheet with net asset position of £314.0 million as of December 2024.

Technology & User Experience

CoinShares has developed institutional-grade technology infrastructure optimized for professional asset management, with market-leading trading technology and support services providing comprehensive treasury management functions for the CoinShares Group while maintaining operational excellence standards expected by institutional investors.

The company's algorithmic trading platform MATRIX represents sophisticated technological capability, with development teams optimizing performance and connectivity to enable signal ingestion from multiple sources and facilitate new collaborations, demonstrating commitment to cutting-edge quantitative trading infrastructure.

Strategic partnerships enhance operational capabilities through relationships with Marex as prime broker and Futures Commission Merchant, with Goldman Sachs joining the roster, reflecting strategic financial partnerships that support sophisticated trading and risk management operations. The technology stack supports complex multi-asset strategies across traditional and digital assets.

The platform's research and analytics capabilities are enhanced through robust, transparent indices spanning traditional and digital asset investing, covering equities, crypto, and gold, while comprehensive market data and analysis support both internal decision-making and client communication through publications like The Node digital magazine.

Customer engagement operates through multiple channels including comprehensive research publications, quarterly investor communications, and institutional relationship management designed to meet the sophisticated information needs of professional investors. The platform emphasizes transparency through regular financial reporting and market analysis distribution.

Security & Risk Management

CoinShares implements enterprise-grade security standards through ISO 27001 certification, demonstrating systematic commitment to safeguarding operational integrity in the digital asset space while maintaining comprehensive data protection and information security management systems.

The company's regulatory framework requires institutional-grade operational standards including segregated asset storage, comprehensive governance structures, risk management procedures, and consumer protection mechanisms that exceed those typically applied to unregulated cryptocurrency service providers.

Risk management capabilities are demonstrated through sophisticated treasury strategy management, with the company rebounding from a $3 million unrealized loss in Q1 2025 to $7.8 million in unrealized gains in Q2 2025, reflecting tactical adjustments and improved market positioning while maintaining strategic allocation approaches.

The platform operates comprehensive business continuity frameworks that address operational risks across multiple jurisdictions while maintaining service consistency. Professional liability and operational risk insurance align with institutional requirements, though specific coverage details remain confidential for security purposes.

Legal risk management operates through partnerships with Baker & McKenzie for comprehensive legal affairs support, ensuring ongoing compliance with evolving regulatory requirements across multiple jurisdictions while maintaining operational flexibility for continued innovation.

Market Position & Suitability

CoinShares Asset Management occupies a unique position as Europe's leading digital asset manager with over $9 billion in assets under management, combining comprehensive MiCA regulatory compliance with innovative technology solutions that serve institutional investors, family offices, and sophisticated retail clients seeking regulated exposure to digital assets.

European Institutional Investors represent the platform's primary target market, benefiting from CoinShares' triple regulatory authorization (MiCA, MiFID, AIFM) and comprehensive EU passporting rights that provide legal certainty and fiduciary-grade investment standards. The platform's capability to serve as a regulated counterparty for institutional investors requiring compliance with fiduciary standards makes it particularly attractive for pension funds, insurance companies, and asset managers seeking digital asset exposure.

Family Offices and High-Net-Worth Individuals find significant value in CoinShares' institutional approach to digital asset management, offering professional portfolio management with European regulatory protection while providing access to sophisticated investment strategies developed by experienced quantitative traders. The combination of passive ETP access and active management strategies accommodates diverse investment approaches and risk profiles.

Traditional Asset Managers seeking digital asset capabilities benefit from CoinShares' comprehensive regulatory framework and institutional infrastructure, enabling them to offer clients regulated digital asset exposure without developing internal capabilities or navigating complex compliance requirements independently.

Professional Traders and Quantitative Funds leverage CoinShares' advanced trading infrastructure and algorithmic capabilities, including the MATRIX platform and sophisticated risk management systems that enable complex multi-asset strategies across traditional and digital assets under unified regulatory oversight.

The platform's limitations include institutional minimum requirements that may exclude smaller investors, focus on regulated markets that may limit access to emerging digital assets, and premium pricing that reflects comprehensive regulatory compliance and professional management rather than basic market access.

Conclusion

CoinShares Asset Management represents the successful evolution of digital asset investing from speculative trading to institutional-grade investment management, combining regulatory pioneering with sophisticated quantitative expertise to create Europe's most comprehensive digital asset platform. The company's historic achievement of MiCA authorization as the first continental European asset manager, combined with its unique triple regulatory license structure, positions it advantageously for sustained leadership as European cryptocurrency markets mature under harmonized regulation.

Key strengths include pioneering regulatory compliance providing legal certainty across 29 European Economic Area member states, comprehensive product suite spanning passive ETPs to sophisticated active strategies, proven institutional-grade infrastructure and risk management capabilities, strong financial performance with consistent profitability and shareholder returns, and successful global expansion through the Valkyrie acquisition creating genuine US market presence. The platform's demonstration of operational excellence through strong Q2 2025 performance, including $30 million in management fees and record-high assets under management, validates its market positioning and execution capabilities.

Areas for continued development include expanding digital asset coverage beyond major cryptocurrencies to serve evolving institutional demand, building additional active management strategies leveraging the platform's quantitative expertise, developing enhanced educational and advisory services for institutional clients navigating digital asset integration, and continuing US market expansion through additional product launches and regulatory approvals. The company's regulatory-first approach may occasionally limit innovation speed compared to unregulated competitors, but provides sustainable competitive advantages in institutional markets prioritizing compliance and professional standards.

For institutional investors seeking regulated, professional digital asset management within European regulatory frameworks, CoinShares offers compelling advantages over both traditional asset managers lacking digital asset expertise and unregulated cryptocurrency service providers. The combination of regulatory certainty, institutional-grade operations, proven track record, and commitment to innovation makes it particularly suitable for sophisticated investors prioritizing long-term sustainability and professional standards in digital asset exposure.

The company's strategic positioning for continued success appears robust, with comprehensive MiCA compliance providing defensive advantages while proven operational excellence and global expansion capabilities enable growth opportunities as institutional digital asset adoption accelerates. As European cryptocurrency markets continue developing under clear regulatory frameworks, CoinShares' regulatory leadership and institutional focus position it advantageously for sustained market leadership in the professional digital asset management sector.

Last updated: September 4, 2025