Core Viewpoint - CoinShares International Limited is preparing for its U.S. public listing and aims to leverage its institutional-grade research capabilities, crypto expertise, and active management to introduce innovative products in the U.S. market [1][2]. Group 1: Strategic Approach - The company plans to apply successful European strategies to the U.S. market, focusing on differentiated products rather than single-asset crypto ETPs, which have become commoditized [2][3]. - CoinShares has a history of product innovation, including launching the world's first bitcoin ETP in 2015, which has helped maintain strong margins [2]. Group 2: Product Development - Over the next 12-18 months, CoinShares aims to launch innovative products in three core categories: crypto equity exposure vehicles, thematic baskets targeting blockchain trends, and actively managed strategies combining crypto with other assets [5][6]. - The CoinShares Bitcoin Miners ETF (WGMI) has shown strong market demand, growing to over $250 million in assets under management with a management fee of 0.75%, indicating the potential for premium pricing and sustainable margins [4][6]. Group 3: Market Positioning - The company is streamlining its U.S. product lineup by discontinuing the CoinShares Bitcoin Futures Leveraged product to focus on higher-margin opportunities [7]. - CoinShares positions itself as a disciplined, high-value player in the U.S. public markets, aiming to create sustainable shareholder value through its differentiated expertise [8].