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CoinShares Enters U.S. Crypto Hedge Fund Market, Sees Opportunities Amid Volatility
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CoinShares, a European crypto asset manager, is launching a new hedge fund division for U.S. investors who meet certain eligibility criteria. The company, which is based in St. Helier, Jersey, said on Friday that it wants to offer institutional investors an active way to invest in digital assets, amid a changing economic landscape that is influenced by interest rates and inflation.
CoinShares' CEO, Jean-Marie Mognetti, said that expanding into the U.S. market was "a natural progression" for the company, which has been operating in Europe since 2013. He added that the company’s hedge fund products would provide investors with "clearly defined asset class and strategy exposures", while minimizing the risk of dealing with unreliable or unregulated counterparties.
The head of CoinShares' hedge fund unit, Lewis Fellas, said that the current market conditions were favorable for crypto asset investing, as interest rate-driven volatility created more opportunities. "Each product that will be offered is designed to mitigate counterparty risk whilst providing investors with clearly defined asset class and strategy exposures," he said in the statement.
According to a report by PwC in July, the number of traditional hedge funds that invest in crypto assets has declined from 37% to 29% in the past year. The report also found that about 24% of hedge funds were reconsidering their strategies due to the regulatory uncertainty in the U.S., and about 12% were thinking of moving to more crypto-friendly jurisdictions.
CoinShares' stock rose by 2.2% on the Stockholm stock exchange after the announcement. The company manages over $5 billion in assets across various products, including exchange-traded products (ETPs), index products, and hedge funds.
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