Europe's biggest crypto ETP manager is moving its funds onchain. CoinShares (@CoinSharesCo), with around $10B under management, is taking fund settlement, NAV, and compliance onto Railnet (@railnet_org), a blockchain protocol, for a new hybrid strategy. It blends three yield sources in one regulated wrapper: DeFi lending, tokenized real-world assets, and basis arbitrage. CoinShares says it's the first regulated European manager to pull all three under one roof, operating under MiCA, MiFID, and AIFMD.