CoinShares Set To Acquire Bastion To Strengthen Digital Asset Management

(RTTNews) - CoinShares International Ltd.(CS.ST, CNSRF), a European digital asset manager, announced on Wednesday that it is prepared to acquire Bastion Asset Management Ltd. The financial terms of the transaction were not disclosed.

Bastion is a London-based, Financial Conduct Authority or FCA regulated crypto-focused alternative investment manager, and the deal is subject to regulatory approval from the UK FCA.

CoinShares said the acquisition significantly strengthens its actively managed capabilities as it moves to become a comprehensive digital asset management platform.

The firm added that combining Bastion's alpha generation expertise with its registered Investment Advisor status will enable the development of actively managed funds in the U.S. market.

Upon completion of the acquisition, Bastion will be fully integrated into CoinShares, bringing a quantitative alpha investment approach to digital assets for the Company.

Fred Desobry, CIO of Bastion, and Philip Scott, CEO / Co-Founder of Bastion, will join CoinShares to support the firm's expansion initiatives and serve institutional clients.

Jean-Marie Mognetti, CEO and Co-Founder of CoinShares, which focuses on crypto since 2013, said, "This acquisition perfectly aligns with our vision to provide our global investor base with comprehensive digital asset management solutions".

On Tuesday, CoinShares' stock had closed at 15.52 percent higher at $15.48 on the OTC market.