CoinShares said it will acquire Bastion Asset Management to build active crypto ETFs for the US market. The firm disclosed the move as part of its plan to expand products ahead of a US listing. The purchase terms were not shared.
The acquisition requires UK Financial Conduct Authority (FCA) approval. CoinShares plans to integrate Bastion’s trading capabilities, strategies, and team once the process closes. The company framed the Bastion acquisition as a way to deliver actively managed crypto ETFs that fit US rules.
A CoinShares spokesperson said the firm will pair Bastion’s systematic trading with its Investment Company Act of 1940 registration.
Active ETFs vs Passive ETFs in Crypto: What Changes
Active ETFs rely on managers and models to select holdings and manage risk. Passive ETFs track an index or a single asset, such as spot Bitcoin ETFs or spot Ether ETFs, and accept benchmark performance. This distinction shapes fees, turnover, and outcomes.
The crypto ETF field still tilts toward passive ETFs, led by Bitcoin and Ether exposure. A CoinShares spokesperson noted,
“Most crypto asset managers in the US focus exclusively on passive products that simply track cryptocurrency prices.”
That remark points to demand for active ETFs that use signals and rules.
However, the mix is shifting. In July 2025, actively managed crypto ETFs outnumbered index-tracking funds after more than doubling in five years, according to Bloomberg Intelligence. This data shows room for active crypto ETFs that use systematic methods alongside passive trackers.
Why Bastion’s Systematic Team Fits Active Crypto ETFs
CoinShares said active crypto ETFs need quantitative research, tested signals, and disciplined execution. The firm expects those capabilities from Bastion’s team. Bastion’s portfolio leaders have 17+ years across BlueCrest Capital, Systematica Investments, Rokos Capital, and GAM Systematic.
CoinShares highlighted Bastion’s academically backed signals and alpha-seeking approaches. The firm said the strategies aim to produce returns independent of market direction by using data and rules. This approach aligns with active ETF management, where process and risk controls matter.
CoinShares is pursuing a US listing via a SPAC at a $1.2 billion pre-money equity valuation. The firm said the listing will expand access to US capital markets and boost visibility with US institutional investors. The plan sits alongside the buildout of active crypto ETFs and operational teams.f=
CoinShares called the United States the deepest market for digital assets and crypto ETFs. Therefore, it is aligning infrastructure, people, and product to serve institutional demand. The Bastion acquisition sits inside that wider push to scale active ETFs.
SEC’s Generic Listing Standards and Faster Crypto ETF Timelines
The announcement follows US SEC approvals that let exchanges apply generic listing standards for some crypto funds. These standards can reduce the number of bespoke, one-off filings for new products. This change affects how active ETFs and passive ETFs reach the market.
Reports say the new process can cut the maximum filing-to-launch window to 75 days from 240 days. A shorter window helps crypto ETF issuers plan product calendars and coordinate with market makers. It also gives investors clearer timelines for active ETF availability.
Within this backdrop, CoinShares intends to launch actively managed crypto ETFs under the Investment Company Act of 1940. The firm said its registration, combined with Bastion’s systematic capabilities, supports a pipeline for active ETFs in the United States.
Market Snapshot: Passive Leaders and the Slot for Active ETFs
Spot BTC ETFs remain the largest by trading and assets, while spot ETH ETFs hold a sizable share of flows. The source text cited BTC at $116,397 and ETH at $4,301. These passive ETFs reflect demand for straightforward exposure to major assets.
Active crypto ETFs aim to do something different by adjusting positions and risk using rules. CoinShares said it will offer directional products and strategies that seek alpha regardless of market direction. That combination builds a menu that includes both active ETFs and passive ETFs.
As active ETFs grow, quantitative depth and repeatable methods become key differentiators. The Bastion acquisition is CoinShares’ bet on that toolkit. The US listing, SEC generic listing standards, and shorter 75-day pathway form the immediate context for active crypto ETF launches.
