CoinShares Secures Exclusive Option to Acquire Valkyrie Investments’ ETF Unit
European digital asset management firm CoinShares has announced that it has secured the exclusive option to acquire the exchange-traded fund (ETF) unit of its United States competitor, Valkyrie Investments. This includes the Valkyrie Bitcoin Fund, which is currently awaiting approval in the U.S.
The move by CoinShares is part of its expansion strategy into the U.S., which is expected to become the epicenter for ETF offerings in the near future. Jean-Marie Mognetti, the CEO of CoinShares, expressed his hope that the acquisition of Valkyrie Investments will allow the company to capitalize on the fragmented global ETF market.
“The establishment of crypto spot ETPs in Europe since 2015, a development about to be mirrored in the U.S., is the perfect illustration,” said Mognetti. “This disparity in market evolution presents both challenges and significant opportunities.”
The option to acquire Valkyrie Investments’ ETF unit will remain active until March 31, 2024. Until the acquisition is finalized, Valkyrie Funds will continue to operate as an independent entity.
In addition to the acquisition option, CoinShares and Valkyrie Investments have also agreed on a brand licensing term. This means that the CoinShares name will be used in future S-1 filings to the Securities and Exchange Commission, which are used to register a securities offering with the regulator when companies plan to go public.
If the Valkyrie Bitcoin Fund is approved by the SEC, Valkyrie plans to incorporate the CoinShares name into the ETF. The fund was filed on June 21, alongside filings from BlackRock and other financial firms.
CoinShares, which currently oversees over $3.2 billion in assets under management, has expressed optimism towards the U.S. cryptocurrency ETF market. The company believes that the U.S. is not lagging behind in terms of digital asset regulation.