CoinShares’ Acquisition of Bastion Could Allow Actively Managed Bitcoin ETFs for U.S. Investors, Pending FCA Approval

• Acquisition aims to launch actively managed crypto ETFs in the US.

• CoinShares will integrate Bastion’s systematic trading team and strategies to create alpha-focused products.

• Active crypto ETFs outnumbered passive funds in July 2025; CoinShares targets institutional demand for sophisticated strategies.

CoinShares Bastion acquisition: CoinShares will launch actively managed crypto ETFs in the US — learn what this means for investors and institutional demand. Read more.

What is CoinShares acquiring Bastion Asset Management to do?

CoinShares Bastion acquisition will combine Bastion’s systematic trading capabilities with CoinShares’ 1940 Act registration to develop actively managed crypto ETFs for US investors. The integration is designed to deliver strategies that seek alpha regardless of market direction, not just passive exposure to BTC or ETH.

How will CoinShares launch actively managed crypto ETFs in the US?

CoinShares will fully integrate Bastion’s trading team, quantitative models, and execution systems into its platform pending UK FCA approval. As a registered investment adviser under the US Investment Company Act of 1940, CoinShares can structure actively managed products and list them in the US once regulatory and operational milestones are met.

Key operational steps include:

1. Regulatory clearance and integration of compliance frameworks.
2. Technical and trading-system consolidation to support systematic strategies.
3. Product design, testing, and filing with US exchanges using new streamlined listing standards.

CoinShares is set to acquire investment manager Bastion Asset Management to launch actively managed crypto ETFs in the US.

European crypto asset manager CoinShares is set to make another strategic acquisition as the company prepares to go public in the United States.

CoinShares announced Wednesday that it will acquire London-based crypto investment manager Bastion Asset Management as part of its strategy to expand crypto investment products in the US.

The deal, pending approval from the UK Financial Conduct Authority, will see CoinShares fully integrate Bastion’s trading capabilities, strategies and team into its platform. The terms of the deal were not disclosed.

“By combining Bastion’s systematic trading expertise with our 1940 Act registration, we can develop actively managed products for the US market that go beyond simple directional exposure to cryptocurrencies,” a CoinShares spokesperson told media sources.

What is the difference between active ETFs and passive ETFs?

Active ETFs are managed with a goal to outperform a benchmark through active selection and trading. Passive ETFs simply track an index or asset price. In crypto markets, most US offerings have been passive spot funds, while active strategies use discretionary or systematic selection to pursue returns.

Passive ETFs versus active ETFs. Source: HANetf

As CoinShares holds registered investment adviser status under the US Investment Company Act of 1940, the company is permitted to offer actively managed investment products in the US, including sophisticated strategies such as actively managed ETFs.

However, creating these products requires deep quantitative expertise and proven systematic trading capabilities, which CoinShares expects to obtain from Bastion.

“Bastion’s team has over 17 years of experience developing systematic, alpha-generating strategies at leading hedge funds including BlueCrest Capital, Systematica Investments, Rokos Capital, and GAM Systematic,” CoinShares noted in company comments. “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.”

Why are active crypto ETFs gaining traction now?

The crypto ETF market has historically been dominated by passive spot Bitcoin and Ether funds. That trend shifted when active crypto ETFs outnumbered index-tracking funds in July 2025, reflecting greater demand for advanced strategies.

Regulatory changes in the US that allow faster listing processes for new crypto funds have also accelerated product launches. Industry reporting indicates a shortened maximum filing-to-launch window — from 240 days to as little as 75 days under new exchange rules — making active product launches more feasible.

Actively managed ETFs outnumbered passive funds in July 2025. Source: Bloomberg Intelligence

How does CoinShares’ planned US listing affect this strategy?

CoinShares plans a US public listing via a special purpose acquisition company at a reported $1.2 billion pre-money equity valuation. The listing is intended to increase access to US capital and institutional distribution channels.

“The US remains the world’s deepest capital market for digital assets, and we’re building the infrastructure, team, and product suite to become a leading institutional player in that market,” CoinShares said in company remarks.

Frequently Asked Questions

Will CoinShares offer both passive and actively managed crypto ETFs?

Yes. CoinShares intends to offer directional (passive-like) products and actively managed strategies designed to generate alpha regardless of market conditions, leveraging Bastion’s systematic models.

When will CoinShares’ actively managed ETFs be available in the US?

Timing depends on regulatory approval, integration milestones, and exchange listing processes. CoinShares must complete UK FCA approvals and US product filings before launch; expedited exchange processes may shorten timelines.

What experience does Bastion bring to CoinShares?

Bastion’s team has over 17 years of experience building systematic strategies at major hedge funds. That expertise is central to CoinShares’ plan to build quantitative, academically-backed signals for crypto ETFs.

Key Takeaways

• Strategic acquisition: CoinShares is acquiring Bastion to add systematic trading and quantitative expertise.
• Product innovation: The goal is to launch actively managed crypto ETFs in the US that pursue alpha, not just market exposure.
• Market timing: Regulatory changes and increasing demand for active strategies create a favorable window for launches.

Conclusion

CoinShares’ acquisition of Bastion Asset Management positions the firm to bring actively managed crypto ETFs to the US market, combining regulatory capability and deep quantitative expertise. Investors and institutions should watch for regulatory clearances and product filings as CoinShares executes its US listing and product rollout plans.