CoinShares Latest To Benefit From Booming Interest in European Crypto Products

Competition is growing in the crypto ETP space, including three new DeFi products from Fidelity Investments

article-image

Blockworks Exclusive Art by axel rangel

share

key takeaways

  • The company defended its fees, saying they’ll remain unchanged, as assets and revenues ballooned
  • “Everyone is doing an ETP today — everyone wants to do one,” a CoinShares executive said

Thanks to explosive demand for digital asset investment products, European cryptocurrency asset manager CoinShares notched its highest quarterly earnings and assets under management Tuesday.

CoinShares reported a 1.6 billion pound, nearly $2.2 billion, year-over-year increase in ETP (exchange-traded product) assets under management between the fourth quarter of 2020 and the fourth quarter of 2021. The asset manager’s total comprehensive income for 2021 was 114.3 million pounds, or $155.4 million, up from 18.6 million pounds in 2020.

“Due to the correlation with digital asset prices and the all-time highs that we’ve experienced over the year, our products have benefited significantly,” Richard Nash, CoinShares’ chief financial officer, said on Tuesday’s earnings call. 

CoinShares’ ETPs generated 78.5 million pounds, or $106.7 million, in fees during the fourth quarter. The asset manager has already launched new ETPs this quarter, including the first such product with staking rewards built on the Tezos and Polkadot blockchains.

CoinShares is not the only asset manager profiting from the growing interest in digital asset ETPs.

Fidelity International became the latest issuer to offer a European ETP earlier this month with the launch of its Fidelity Physical Bitcoin ETP (FBTC) on Germany’s Deutsche Börse Xetra — the cheapest such European ETP. 21Shares, the world’s largest crypto ETP issuer, launched three new decentralized finance (DeFi) products in recent weeks.

Asked about competition, CoinShares executives acknowledged that the space is crowded. 

“Everyone is doing an ETP today — everyone wants to do one,” Jean-Marie Mognetti, CoinShares’ CEO, said. “I’m cognizant of the competition, and I welcome it because it’s much easier for CoinShares to show how good we are at doing what we’re doing when there are more people than one.”

Growing competition will not impact CoinShares’ current fee structure, at least for now, Mognetti added.

“I don’t think we are in a position where we have to drop off fees. You are not buying CoinShares and just CoinShares’ products, you’re buying CoinShares for the brand name,” Mognetti said. “It’s an all-in price…you’re buying the expertise.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful