CoinShares opens UCITS platform to reach European institutions its old products couldn't touch

CoinShares, the crypto asset manager that listed on Nasdaq in April, has launched a UCITS fund platform and its first product under it — the CoinShares Bitcoin Mining UCITS ETF — which began trading on Deutsche Börse's Xetra on Tuesday, according to a company statement reported by The Block.

The move targets Europe's UCITS market, which CoinShares put at €26.3 trillion (about $30 trillion). UCITS — Undertakings for the Collective Investment in Transferable Securities — is the EU's harmonised fund framework, and funds built under it can be marketed across the bloc. CoinShares says the wrapper is the point: many large institutions, including pension funds, insurers and private banks, operate under mandates that bar them from holding debt securities, and its existing physically-backed crypto products are structured as debt instruments. A UCITS fund sidesteps that constraint, opening the door to buyers its prior line-up couldn't reach.

"This is not simply the launch of another investment product," said co-founder and CEO Jean-Marie Mognetti, describing it as the firm's entry into "one of the world's most widely recognised fund frameworks." CoinShares said the platform runs on a largely fixed cost base designed to "generate significant operating leverage," and that it plans to roll out more digital-asset and thematic strategies over time.

Key facts

• New UCITS platform plus the CoinShares Bitcoin Mining UCITS ETF, live on Deutsche Börse Xetra Tuesday (CoinShares statement, via The Block).
• Target market: Europe's €26.3 trillion / ~$30 trillion UCITS ecosystem (CoinShares).
• Stated rationale: institutional mandates barring debt securities blocked CoinShares' physically-backed products; UCITS removes that (CoinShares).
• Full-year 2025 revenue: $165.7 million, per its first annual report since the April U.S. listing (The Block).
• Nasdaq-listed shares closed down 2.1% at $4.11 on Monday (The Block).

The real-world read

Nearly every claim of scale and rationale here comes from CoinShares' own statement, so treat it as the company making its case, not independent validation. The "€26.3 trillion" figure is the total UCITS market — the addressable universe, not money CoinShares expects to raise; no target assets or fees were disclosed. The framing that "the product wrapper" was the sole barrier is the company's, and conveniently casts a structural fix as the thing standing between it and a vast pool of capital. Worth noting what the same statement sits next to: 2025 revenue of $165.7 million but a share price at $4.11, down on the day and a fraction of the story the top-line implies. The product is a bitcoin mining ETF — equity exposure to miners, not spot bitcoin — a distinction the launch language glides over. Whether Europe's mandate-bound institutions actually buy is unproven; Tuesday was day one.

Opinion, and whose

CoinShares' Mognetti frames the launch as a strategic entry into a flagship regulated framework, not just another fund — his characterisation, and an interested one. No third-party analyst assessment appeared in the reporting.

Sources

• The Block (Timmy Shen), 2026-07-21 — secondary reporting; the sole news source here, itself relaying CoinShares' Tuesday statement. Financials (2025 revenue, share price) via The Block.
• CoinShares company statement — primary but an interested party; source of the platform details, the €26.3tn market figure, the mandate rationale and the CEO quote. Treat as the firm's own marketing.

Not financial advice.