CoinShares

We have been named to the inaugural Fortune Crypto 100, recognised in the Asset Management category. Built in the tradition of the Fortune 500, the ranking highlights the companies and protocols shaping the global digital asset ecosystem. For CoinShares, this recognition reflects more than a decade of focus on regulated digital asset finance, combining the discipline of traditional asset management with native crypto expertise. Following our Nasdaq listing under $CSHR, inclusion in the Fortune Crypto 100 marks another milestone in the same trajectory: building a global, regulated asset manager for the digital asset economy. More here: https://lnkd.in/eGxFXGUh

Introducing The Node. Our first print magazine dedicated to the people, ideas and stories shaping the digital assets ecosystem. Last week, as part of Proof of Talk, we presented the first edition during an evening hosted by Monocle in Paris. More than a launch, it was an opportunity to bring together contributors, partners, readers and friends around a shared belief: some stories deserve more than a feed. Many thanks to Monocle’s team for hosting: Josh Fehnert, Hannah Grundy, Loriane Ribera, Hannah Girst, Sophie Monaghan, Davy PERROT and all the staff. A few moments from the evening pictured by Fred Lahache. Thanks to everyone who came.

The tone in digital assets has changed quickly. Over the past four weeks, digital asset investment products have seen US$5.8B of outflows, one of the largest runs in over a year. Geopolitics, a sharp rates repricing and the market’s focus on AI are all weighing on sentiment. But the underlying picture is more nuanced: Bitcoin remains close to flat year-to-date, and the long-term thesis has not changed. This looks like a sentiment shock, not a structural break. Read more in James Butterfill’s market update: https://lnkd.in/dZvQUw4b

Professional Bitcoin ownership faced its first real ETF-era bear market test in Q1. As our latest report by Matthew Kimmell shows, 13F filers reduced exposure by 17%, marking the largest quarterly reduction since the launch of US spot bitcoin ETFs. But the headline number only tells part of the story. Selling was highly concentrated among hedge funds and brokerages, while advisors remained relatively steady and banks continued to build exposure. The takeaway: tactical capital unwound during the drawdown, but longer-duration professional allocations appear to be developing underneath the surface. Learn more here: https://lnkd.in/dN8RccMM

What does it take to bring regulated asset management onchain? Jérôme Castille, President of CoinShares Asset Management, joined Railnet to discuss settlement, real yield, and why institutional infrastructure matters.

Privacy in crypto has long been framed as a binary choice: transparency for compliance, or privacy at the expense of regulation. But that framing is increasingly outdated. Zero-knowledge proofs, selective disclosure, and institutional infrastructures such as Canton Network show that confidentiality and accountability can coexist. The next challenge is not technical possibility, it is regulatory standardisation. Read the full article: https://lnkd.in/dFwTsg_7

Ethereum is no longer easy to value through a single lens. After Dencun, Ethereum’s fee revenue fell sharply as execution moved to Layer 2s. Yet network usage continued to grow, challenging the idea that lower fees necessarily mean lower value. Our latest research by Luke Nolan introduces a 5-year sum-of-parts framework for ETH, combining cash-flow valuation, monetary premium, and network effects. Base case: ~$4,935 implied price by 2031. Read more here: https://lnkd.in/dTzPPRve

We are delighted to have been selected as a crypto ETP partner for Revolut’s pan-European wealth management platform. This partnership provides Revolut Invest clients across Europe with access to CoinShares’ suite of regulated digital asset products. It also reflects a broader shift: digital assets are increasingly being integrated into mainstream wealth management, supported by evolving regulation and growing institutional adoption. As JM Mognetti highlights: "This partnership with Revolut reinforces our position as the partner of choice for platforms seeking to offer regulated digital asset exposure." A new step in expanding access to institutional-grade digital asset investment.

📉 Crypto ETPs and ETFs saw outflows of US$1.7B last week. Three-week cumulative outflows have reached US$4.21B, suggesting the Iran-related risk-off has now overwhelmed any cushioning effect from CLARITY Act progress. Bitcoin saw US$1.4M of outflows, the largest weekly outflow of 2026. Ethereum saw US$257M of outflows. XRP at US$20.3M, Hyperliquid at US$10.8M and Near at US$7.6M are the only notable inflows. 🇺🇸 - US$1.63B 🇩🇪 - US$25.7M 🇸🇪 - US$6.6M 🇭🇰 - US$4.5M 🇧🇷 - US$3.2M More in James Butterfill’s full report: https://lnkd.in/d5-f2PxJ

“Volatility and monetary credibility are not the same thing.” In his May Output, JM Mognetti questions whether markets are pricing simple relief, or missing a deeper regime change. As long-end sovereign yields move higher, the issue may no longer be energy prices alone, but the return of financial repression, national capitalism and a monetary system increasingly shaped by fiscal necessity. In that context, Bitcoin’s relevance is not a maximalist argument. It is a structural one. Full output here: https://lnkd.in/dJvtDDCW