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

Quick Take

  • Coinshares, the European crypto asset manager, unveiled its trading business, CoinShares Capital Markets (CSCM)
  • The new unit is a rebranding of GABI Trading, which CoinShares is in the final steps of acquiring
  • CSCM traded over $3 billion worth of crypto in 2019, according to Thursday’s announcement

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. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.