CoinShares International (CS) is a fintech business created to support the emergence of digital assets as a new investible asset class. However, it is more than a simple beta play on the bitcoin price, as its proprietary technology facilitates both regulated issuance platforms (with CS’s assets under management, AUM, at US$6.5bn currently) and gains derived from capital markets activities, including liquidity provisioning, non-directional trading and fixed income activities. Hence, CS benefits from the inherent high volatility of digital assets, and in turn offers a certain level of downside protection in case of adverse digital asset price performance.