$6B AUM and 34% European market share, then they pull their XRP, SOL, and LTC spot ETF filings right before listing — that's Mognetti publicly conceding the single-asset fee war to BlackRock and Fidelity before it even starts. Pivoting to thematic baskets and active crypto equity strategies is the higher-margin play, but it's the same bet Grayscale is making post-GBTC conversion, and those flows haven't exactly been kind. US distribution is a completely different game from European ETP dominance — a $1.2B SPAC war chest alone won't close that gap.

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