European digital assets manager CoinShares announced today that it had hit a new milestone, recording $1 billion in assets under management via its Expendable Bathythermograph (XBT) provider products. The milestone solidifies CoinShares’ position as the largest crypto asset management firm in Europe.
To trace the price activities of cryptocurrencies like Bitcoin and Ether, the company’s XBT platform has the responsibility to issue investors an easy and cheaper means of adopting digital assets on an already existing asset management platform.
Speaking on the achievement, Frank Spiteri, the Chief Revenue Officer for CoinShares, stated that “Bitcoin and other digital assets continue to fascinate and intrigue investors. As the investment environment changes and the need for alternative stores of value rises, an ever-increasing number of institutional investors are contacting us to discuss how digital assets can fit within a portfolio.”
Since the pandemic-induced turbulence in the global markets, the crypto industry has seen more institutional investors with a strong desire to acquire digital assets to protect their wealth. “Traditional banks, brokerages, and asset managers are responding to the needs of their clients, and their clients want bitcoin,” Spiteri adds.
CoinShares’ CEO Jean-Marie Mognetti is looking forward to meeting their next target as she sees more potentials in cryptocurrencies as an investment portfolio
“We see this $1 billion level as a validation of our belief that Bitcoin and other digital currencies have a role to play in investment portfolios. If we compare with gold (which has over $200bn of AUM globally), we believe bitcoin is better positioned to react aggressively to a current easing in fiscal and monetary policy. The recent reorganization of our Passive Asset Management business unit has yielded tangible results, and we are actively working towards our next targets,” she said.