In an effort to reach investors in the United States, cryptocurrency asset manager CoinShares (CS) is launching a hedge fund division. An announcement made recently claims that the St. Helier, Jersey-based business seeks to offer institutional investors actively managed exposure to digital assets.
CEO Jean-Marie Mognetti called the change “a natural progression” in light of the “changing macro environment prominently marked by interest rates and inflation.”
“The long-awaited return of interest rate-driven volatility is a great opportunity that we plan to capture with our novel fund products,” Lewis Fellas, the head of CoinShares’ hedge fund, said in the statement. Each of the products being offered is intended to reduce counterparty risk while giving investors exposures to precisely defined asset classes and investment strategies.
According to a survey released in July by the accounting company PricewaterhouseCoopers (PwC), the percentage of conventional hedge funds investing in crypto assets dropped from 37% to 29% during the previous 12 months. The regulatory climate in the U.S. was also found to be causing over a quarter of hedge funds to reevaluate their strategy, with about 12% of them considering moving to more cryptocurrency-friendly countries. In Stockholm, the price of CoinShares increased by 2.2%.