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Speaker 1: Now let's bring in Coinshare CEO Jean Marie Montnetti. Because

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Speaker 1: there is a lot of consolidation expected in this space.

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Speaker 1: A lot of people are probably looking around and wondering

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Speaker 1: what does.

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Speaker 2: This do for you? Thanks for having meet you mentionally,

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Speaker 2: it's great to be back. What it does for us?

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Speaker 2: You know, we started our journey ten years ago launching

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Speaker 2: the first crypto ETP in Europe. We were the first

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Speaker 2: one to launch crypto bigcoin sport in Europe and we

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Speaker 2: are ten year later and now we get black Rock

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Speaker 2: and Fidelity kind been doing the same thing in the US.

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Speaker 2: So for us, it's like two things. A, how do

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Speaker 2: we expand our footprint and go and build a global

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Speaker 2: franchise beyond the US, beyond Europe in the US? And

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Speaker 2: then the circle point is really how do we start

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Speaker 2: having an addressable market which is mjor bigger? You know,

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Speaker 2: the US American ETF market is fifteen times bigger than

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Speaker 2: the European So for US, it's an extraordinary opportunity to

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Speaker 2: keep growing our business which started ten years ago.

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Speaker 3: How do you compete against the big guys out there?

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Speaker 3: How do you compete against the black Rocks? The Fidelity

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Speaker 3: is the gray Scales mean in terms of this ETF

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Speaker 3: that is now in your purview, it's relatively small when

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Speaker 3: you look at the ten other bitcoin ETFs that are

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Speaker 3: out there.

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Speaker 2: Yeah, yere absolutely right. So first of all, I think

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Speaker 2: the big coin spot ETF in the US is a

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Speaker 2: game which has been commoditized. You know, con Share is

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Speaker 2: a leader in Europe. We're becoming a global player. But

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Speaker 2: becoming a global player, we're becoming effectively the fourth biggest

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Speaker 2: asset manager in digital asset not the first one in

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Speaker 2: Europe anymore because of black Rod, because of Fidelity, which

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Speaker 2: they and gray scaled would take the leadership. And the

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Speaker 2: question is like we are the force in the picking

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Speaker 2: order now, so we become a challenger. For us, it's

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Speaker 2: a place we love to be. We love to be

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Speaker 2: a challenger because that kind of make our imagination and

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Speaker 2: innovation kind of like come out much more strongly. And

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Speaker 2: how do we compete is very simple. The way we

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Speaker 2: compete it is like by not going out to the

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Speaker 2: same thing they're doing. We've been doing this big consults

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Speaker 2: for ten years in Europe. We're not going to do

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Speaker 2: that in the US. For us, the table stake product

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Speaker 2: to have in the US, but we should look at

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Speaker 2: other products. You know, there is a I know so

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Speaker 2: ETF called WGMI for We're going to make it, which

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Speaker 2: is our big grade ticker, which is a big coin

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Speaker 2: minor ETF. It was the best performing ETF in twenty

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Speaker 2: twenty three. It's a fantastic product. And you know, we

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Speaker 2: launched last week a two x leverage big coin ETF.

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Speaker 2: So the idea is, Okay, these guys, this big guy

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Speaker 2: can do the can the old school products, the one

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Speaker 2: we did ten years ago and we keep growing today.

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Speaker 2: But in the US, we want to bring innovation. We

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Speaker 2: want to bring something different. We want to bring the

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Speaker 2: know how for hedphone solution business. I would say turbot

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Speaker 2: charge into the distribution of wrapper that the ETF allow

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Speaker 2: you to do in the US.

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Speaker 1: Well, what about other crypto assets. There's a lot of

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Speaker 1: excitement about the potential THEOEUM ETF, but a lot of

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Speaker 1: concern that the SEC might stop short of approving one.

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Speaker 1: How do you feel about e theem as well as

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Speaker 1: other ETFs in terms of tokens that can make it

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Speaker 1: into the wrapper in the next year or so.

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Speaker 2: I think we need to be indulgent with the SEC.

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Speaker 2: The SEC did the big coin one. I think the

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Speaker 2: if timeline I was seeing some people making prognostics for

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Speaker 2: May approval. That sounds a little bit I would say

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Speaker 2: bullish on the narrative. I don't see it happening as

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Speaker 2: quickly as bitcoin. There is automatic around Is it a security?

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Speaker 2: Is it not a security? Is a sticking parameter? Is

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Speaker 2: creating a lot of questioning within the a SEC. So

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Speaker 2: I don't think it's going to be sorted out overnight.

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Speaker 2: We are doing it in Europe, however, we have the

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Speaker 2: old suite of product in Europe. We have nighteen product

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Speaker 2: actually listened in Europe. So if there was something else

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Speaker 2: we can listen to the US as a single spot exposure,

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Speaker 2: we will do it very quickly and will be equipped

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Speaker 2: to do it.

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Speaker 3: John, I want to go back to this two x

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Speaker 3: lever at Bitcoin ETF that recently launched. It's all good

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Speaker 3: when bitcoin is up seventy percent in such a short

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Speaker 3: period of time, but we know it's about little asst

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Speaker 3: what happens the next time there's a flash crash or

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Speaker 3: a big decline. How do you protect you How do

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Speaker 3: you protect yourself?

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Speaker 2: Well as we protect ourselves is because we have a

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Speaker 2: diversity of product and people can decide which product we're

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Speaker 2: buying and se well the people which products they are

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Speaker 2: buying and setting. We're not doing any advisory role here.

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Speaker 2: We're just a provider of solution for invest when it

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Speaker 2: comes to diversification, you know, there is a question about, okay,

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Speaker 2: is it time to start creating an inverse product, to

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Speaker 2: start working a leverage inverse product, and all this other

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Speaker 2: stuff which allow people to I would say, invest on

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Speaker 2: the upside narrative, but also invest on the downside narrative. Eventually,

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Speaker 2: you know you're gonna end up with like a full

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Speaker 2: suite of product in the crypto universe. As ETP, we

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Speaker 2: should be there for making the narrative easier to invest in.

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Speaker 2: You know, this ETF vehicle is very very much like

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Speaker 2: the transformation from a B to B business model or

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Speaker 2: a B to geek business model, where you know, we

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Speaker 2: always say it's a retail market in crypto, Well it

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Speaker 2: was a limited retail market in crypto. The adoption rate

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Speaker 2: in the US is twelve percent, so it's still very

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Speaker 2: very new new news things. And what you want to

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Speaker 2: see is like how this kind of ETF rapper are

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Speaker 2: creating all of this ipon moment, this kind of uy

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Speaker 2: ux experience where all of a sudden that you're opening

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Speaker 2: your span of your span off a investor profile.

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Speaker 3: An iPod moment. I like the sound of that. Hey,

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Speaker 3: jeanre always great to see you. Thanks so much for

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Speaker 3: joining us once again here at Bloomberg Coin Chair CEO

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Speaker 3: Jean Rimugnetti here on Bloomberg Crypto