$14B Spanish bank wants to beat market with actively-managed crypto fund

A&G’s new actively-managed crypto fund will maintain exposure of at least 70% at all times, so it’s prepared for volatility

article-image

Casablanca Stock/Shutterstock modified by Blockworks

share

A newly-registered investment fund from Spanish private bank A&G will soon be trading crypto including bitcoin (BTC) and ether (ETH).

A&G, with 12.4 billion euros ($13.7 billion) in assets under management, touts the actively-managed fund as the first of its kind in Europe.

Its managers will have the freedom to allocate the fund’s weight in any manner they deem fit, with at least 70% exposure to physical crypto at all times.

The fund will be overseen by Román González Torres and Rubén Ayuso, both of whom have prior experience managing other funds at A&G.

Torres told Blockworks there will be a focus on “the main cryptocurrencies in terms of market cap and liquidity.” A&G registered the fund with Spain’s financial regulatory authority on July 21, and it is slated to launch by the end of September this year. 

“If the market becomes overly optimistic (reaches exuberance), up to 30% of the fund may be held in cash. However, the core of the fund will always be invested in cryptocurrencies, making it a 100% crypto fund,” he said.

Some passively-managed crypto funds like Grayscale’s Digital Large Cap Fund (GDLC) and Bitwise’s 10 Crypto Index Fund (BITW) track specific crypto indexes. GDLC is up 8.6% over the past year while BITW has gained 26.1%.

A&G’s fund will not follow such an approach. Its managers will decide crypto exposure based on market conditions — liquidity and the like — and indicators from data providers such as Glassnode. Product updates and market adoption will also be factored in.

According to Torres, the fund will be an exchange-traded product. Investing through the fund provides tax benefits compared to direct investments in cryptocurrencies, especially when swaps are involved, he added.

Torres said the bank has been working on the fund’s launch for over two years, and the introduction of MiCA has been helpful in making it happen. There is no initial target size for the fund, a spokesperson told Blockworks.

A&G has appointed CACEIS Bank, the asset servicing arm of Crédit Agricole, as the depositary of the fund and enlisted PwC as the auditor.

“The volatility will be high. We expect to beat the crypto market in the long run,” Torres said. 


Get the news in your inbox. Explore Blockworks newsletters:

Tags

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

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

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.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Pipe’s testnet has delivered 60+ PB of data across ~290,000 Point of Presence (PoP) nodes

article-image

375ai will hold TGE at the end of the month, CEO Harry Dewhirst told Blockworks

article-image

Block’s subsidiary adds direct Bitcoin integration and AI-powered ordering tools for small businesses seeking streamlined transactions

by Blockworks /
article-image

The deal integrates Dinero’s staking suite into Plume’s real-world asset platform as it gains SEC transfer agent status

by Blockworks /
article-image

The state’s decision opens staking access to New Yorkers, signaling a regulatory shift toward broader crypto participation

by Blockworks /
article-image

The startup says it aims to rival Stripe and Worldpay by using stablecoins to speed merchant settlements from days to seconds

by Blockworks /