Our path to obtaining the MiCA authorisation

Our CEO discussed this week with the specialised digital asset institutional newsletter Blockstories about our obtaining of MiCA authorisation, which will allow us to bring several services such as management of alternative investment funds (AIFMD), portfolio management and investment advice (MiFID), portfolio management on crypto-assets and advice on crypto-assets (MiCAR). Read the full interview below. 

Why did you consider it necessary to obtain the MiCA license?

Since MiCA came into effect, digital asset portfolio management has become a regulated activity. In that context, it was only natural for our portfolio management subsidiary, CoinShares Asset Management, to take over the largest active crypto-asset strategy of our partner eToro—more than 9,400 investors and over $60 million in assets under management—which had previously been managed by CoinShares France.

More broadly, we’ve always aimed to position ourselves as the regulated player in our industry, which has consistently been at the heart of CoinShares’ strategy. Unlike many in the sector who mistakenly see regulation as a barrier to innovation, we’ve always advocated the view that regulation and growth go hand in hand.

For institutional investors, regulation is a true competitive advantage—a key differentiator. This is especially critical in a nascent industry like ours, often perceived by traditional financial institutions as lacking oversight and therefore immature. To engage with major financial players, you must speak the same language and play by the same rules.

In that logic, obtaining the MiCA authorisation was essential to complement our existing European regulatory framework—MiFID and AIFM. By becoming the first asset manager in continental Europe to receive this authorisation, we’re now uniquely positioned in the market.

Practically speaking, this license transforms our product offering. Until now, we were only allowed to provide advice and develop funds based on regulated financial instruments that replicated crypto-asset performance—this was the only option under MiFID. Now, we can directly manage and advise on the crypto-assets themselves.

With this license, what kind of new products can we expect in the coming months?

Without revealing too much about our ongoing projects, I can say that the MiCA authorization opens up unprecedented opportunities. By combining our three licenses—AIFM, MiFID, and now MiCA—we’re able to design a new generation of products that blend traditional financial instruments and direct crypto-asset exposure.

In practical terms, we could offer our institutional clients truly hybrid and sophisticated solutions: strategies that combine equities, bonds, and crypto-assets (via spot, ETPs, or derivatives) within a single active management mandate. These asset classes, which have so far been siloed into separate vehicles, can now be optimally combined based on each client’s specific goals.

The next step is to precisely assess market demand so we can calibrate our product launches. But the potential is vast—we are entering the era of truly integrated multi-asset management.

What market needs do CoinShares’ various licenses now fulfill?

This comprehensive regulatory framework primarily addresses the need for transparency and institutional credibility. As a company listed on Nasdaq Stockholm—and potentially soon in the U.S.—we combine the highest standards of governance with a complete regulatory arsenal. The result: we now operate at the same level as the world’s largest asset managers.

This regulatory legitimacy opens the doors to major financial institutions. It allows us to finally carry out our educational mission on this new asset class—cryptocurrencies—and to recommend our products with full transparency. It’s a game-changer for the institutional adoption of digital assets.

Today, none of our direct competitors can claim the same combination: exemplary governance, full transparency, and a complete regulatory coverage. We are the undisputed leader—not just by assets under management in Europe, but also through our unique ability to engage with regulators and major global financial institutions on equal footing.

What does the market need? What are your clients asking for? Any specific requests?

The market is currently in an interesting transition phase. While traditional European financial institutions remain cautious about crypto-assets, we’re witnessing a real awakening among family offices and private bankers. Their high-net-worth clients are increasingly requesting sophisticated exposure to crypto-assets.

These clients no longer want an “all or nothing” approach—they seek hybrid strategies that blend digital and traditional assets—equities, bonds, commodities—to capture the Bitcoin opportunity while smoothing out volatility. Even if that means sacrificing a bit of performance in exchange for peace of mind. These savvy investors fully understand the diversification benefits that Bitcoin can bring to a balanced portfolio.

The current geo-economic context and the U.S. administration’s vocal support for crypto-assets are reinforcing this trend. Bitcoin is gradually becoming a must-have for portfolio diversification.

So far, our ETPs have been mainly adopted by retail investors, but we’re now conducting an in-depth study of institutional demand to tailor a new generation of products aimed at this evolving wealth management clientele.