CoinShares International Limited, a leading global asset manager specialising in digital assets, which has announced a merger with Vine Hill Capital Investment Corp, welcomes France’s AMF decision to open retail access to regulated crypto ETNs. Europe’s crypto exchange-traded product market is entering a new growth phase as regulators and major financial institutions across the continent move to expand retail investor access.
Key developments:
- France: The AMF adapted its doctrine to permit retail marketing of crypto-indexed ETNs, removing warning-label requirements for products that satisfy all eligibility conditions under the updated AMF Position 2010-05.
- UK: The FCA lifted its retail crypto ETN ban effective October 8, 2025, opening access to approximately 7 million UK crypto holders.
- Nordics: Nordea, the region’s largest bank (€648B AUM), will offer CoinShares’ Bitcoin ETP starting December 2025, reversing years of institutional caution
CoinShares is well-positioned to take advantage of this expansion. The company’s physical platform (CoinShares Physical) led the European crypto ETP market with over $1 billion1 year-to-date in net inflows. Across its full European product range, CoinShares holds a 32%2 share of total regional AUM. These figures place CoinShares among the top four digital asset managers globally, alongside BlackRock, Fidelity, and Grayscale.
“Europe’s crypto ETN market is opening up, not slowing down,” said Jean-Marie Mognetti, CEO of CoinShares. “The U.S. led with spot ETF approvals, but Europe pioneered this sector, which we created with the first regulated Bitcoin ETP in 2015. The challenge has been fragmentation: retail access varied dramatically country by country, preventing consistent adoption despite Europe’s ten-year head start. What we’re seeing now in France, the UK, and the Nordics is that a cohesive unified policy is beginning to take shape, with more and more barriers breaking down every year. For global investors, Europe’s opportunity isn’t behind us, it’s just becoming accessible. CoinShares built this market and we intend to lead it. Our partnership with BoursoBank, France’s leading online bank, is a case in point, we have the distribution expertise to reach retail investors as these markets open up.”
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