CoinShares unveils trading unit, says it traded over $3 billion in crypto during 2019

Coinshares, the European cryptocurrency asset manager, announced Thursday the launch of a new trading and market business, CoinShares Capital. 

The new unit is essentially a rebranding of GABI Trading,  a company CoinShares is in the late stages of acquiring, according to a press release.

Whereas Coinshares offers a suite of exchange-traded products, CoinShares Capital will offer a "suite of trading tools and services." Coinshares Capital Markets has been an active proprietary trading shop of Global Advisors Group. In 2019, CSCM traded more than $3 billion in crypto assets, according to the company. 

As part of the rebrand, the firm said the trading unit will now open up its flow to qualifying counter-parties.

In the first quarter, the business traded $1.58 billion worth of crypto, according to chief strategy officer Meltem Demirors, who told The Block 2020 is "going to be a monster year."

"These initiatives are part of CoinShares' mission to provide clients with a sophisticated, fit-for-purpose suite of products and services designed specifically for digital assets," the release said. "This acquisition is part of a larger strategic realignment under the firm's new leadership comprised of Chief Executive Officer, Jean-Marie Mognetti; Chief Strategy Officer, Meltem Demirors; and Chief Revenue Officer, Frank Spiteri."

The announcement follows reporting from The Block's Celia Wan that a broker-dealer registered under Group Capital underwent a name change to CoinShares Capital. The broker-dealer is now registered under CoinShares' Demirors. 

In a message to The Block, Demirors said that CoinShares Capital Markets (CSCM) is not associated with the broker-dealer. Pending regulatory approvals, the firm will be expanding to another region and the broker-dealer will focus on mining.