Coinshares said it will acquire Bastion Asset Management to build an active cryptographic ETF for the US market. The company has revealed the move as part of its plans to expand its products ahead of the US list. Purchase terms were not shared.
The acquisition requires approval from the UK Financial Conduct Authority (FCA). Coinshares plans to integrate Bastion’s trading capabilities, strategies and teams once the process is over. The company framed the acquisition of Bastion as a way to provide a proactively managed cryptographic ETF that meets our rules.
A Coinshares spokesperson said the company will combine Bastion’s systematic transaction with the 1940 Investment Companies Act.
Active ETFs and Passive ETFS in Crypto: What will change?
Active ETFs rely on managers and models to choose holdings and manage risk. Passive ETFs track indexes or single assets such as spot bitcoin ETFs and spot ether ETFs and accept benchmark performance. This distinction forms commissions, sales, and results.
The Crypto ETF field is still leaning towards a passive ETF led by Bitcoin and ether exposure. A spokesman for Coinshare pointed out,
“Most US crypto asset managers focus solely on passive products that simply track cryptocurrency prices.”
That statement shows the demand for active ETFs using signals and rules.
However, the mix is shifting. In July 2025, aggressively managed crypto ETFs surpassed index tracking funds after more than doubled in five years. This data shows the space in an active cryptographic ETF using a systematic method with passive trackers.
Why Bastion’s Systematic Team Fits Active Crypto ETFs
Coinshares said active Crypto ETFs require quantitative research, tested signals and disciplined implementation. The company expects these capabilities from the Bastion team. Bastion’s portfolio leader has spent over 17 years at Bluecrest Capital, Sestematica Investments, Rokos Capital, and Gam Sestematic.
Coinshares highlighted Bastion’s academically supported signal and approach to seeking alpha. The company said the strategy aims to use data and rules to generate returns that are independent of the market direction. This approach is consistent with active ETF management where process and risk control is critical.
Coinshares pursues the US list through SPAC with a $1.2 billion primoney equity rating. The company said the list will increase access to U.S. capital markets and increase visibility with U.S. institutional investors. The plan is located alongside the active Crypto ETF and the build-out of operations teams. F=
Coinshare calls the United States the deepest market for digital assets and crypto ETFs. Therefore, we coordinate our infrastructure, people and products to meet the demands of our institutions. The Bastion acquisition is in a wider push to scale active ETFs.
SEC general list standard and faster crypto ETF timeline
The announcement follows SEC approval, which allows exchanges to apply general listing standards to several crypto funds. These criteria can reduce the number of one-time filings for new products. This change will affect the way active and passive ETFs reach the market.
The report says the new process can reduce the maximum filing-to-launch window from 240 to 75 days. Shorter windows help cryptographic ETF publishers plan their product calendars and coordinate with market makers. It also provides investors with a clearer timeline for active ETF availability.
In this context, Coinshares plans to launch a cryptographic ETF that is actively managed under the Investment Companies Act of 1940. The company said the registration, combined with Bastion’s systematic capabilities, supports a pipeline of active ETFs in the US.
Market Snapshot: Passive Leaders and Slots in Active ETFs
Spot BTC ETFs remain the largest by trading and assets, while Spot ETH ETFs hold a significant share of flow. Source text quoted BTC for $116,397 and ETH for $4,301. These passive ETFs reflect the demand for a simple exposure to key assets.
Active Crypto ETFs aim to do different things by adjusting location and risk using rules. Coinshares said it will offer products and strategies that are oriented towards alpha, regardless of the market direction. The combination builds a menu that contains both active and passive ETFs.
As active ETFs grow, quantitative depth and reproducible methods become important differentiators. The Bastion acquisition is a coin-share bet on its toolkit. The US list, SEC generic list criteria, and short 75-day route form the immediate context for the launch of an active Crypto ETF.