European digital asset management firm CoinShares has secured the exclusive option to acquire the exchange-traded fund (ETF) unit of its United States competitor Valkyrie Investments, which also includes the Valkyrie Bitcoin Fund, which is awaiting approval in the US. Used to be.
CoinShares said on Nov. 17 that the move would help it expand into the US, which may soon become a hub for ETF offerings. The company’s CEO Jean-Marie Moganetti said he expects the Valkyrie acquisition to help it take advantage of what is currently a fragmented global ETF market.
“The establishment of crypto spot ETPs in Europe since 2015, a development mirrored in the US, is a perfect example,” Moganetti said. “This disparity in market development presents both challenges and significant opportunities.”
Exciting update! @CoinSharesCo Secures the option to acquire @ValkyriFunds, uniting our strengths to create a global one-stop-shop in digital asset investment. This marks a strategic leap towards market leadership and reinforces our strong presence in the US!… pic.twitter.com/0BPNGC518P
– CoinShares (@CoinSharesCo) 16 November 2023
The option will remain active till March 31, 2024. For now, Valkyrie Funds will continue to operate as an independent entity until the acquisition by CoinShares is finalized.
big news! Valkyrie is ready to join in @CoinSharesCo Family! We are excited about this partnership, which combines our US market insight with CoinShares’ global expertise. Together, we are redefining digital asset investing in the US and beyond! pic.twitter.com/s5URikl8Ci
– Valkyrie (@ValkyrieFunds) 16 November 2023
The two crypto-focused companies also agreed to a brand licensing term, where the CoinShares name will be used in future S-1 filings with the Securities and Exchange Commission – the regulatory filing for securities offerings when companies plan to go public. Used to register.
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If the SEC approves the Valkyrie Bitcoin Fund, Valkyrie plans to incorporate the CoinShares name into the ETF.
Valkyrie applied for a spot Bitcoin ETF on June 21 along with BlackRock and several other financial companies.
CoinShares, which oversees more than $3.2 billion in assets under management, expressed optimism towards the US cryptocurrency ETF market in September and reiterated that the economic powerhouse is not lagging behind in digital asset regulation.
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