CoinShares, a leading European crypto asset manager, has made a significant stride into the U.S. market by acquiring the exchange-traded fund (ETF) unit of Valkyrie Investments, a Nashville-based company. This strategic move follows the recent approval of spot bitcoin ETFs by the Securities and Exchange Commission (SEC), including Valkyrie’s Bitcoin Fund (BRRR), which debuted on Thursday and quickly amassed $4.6 billion in trading volume.
Headquartered in Saint Helier, Jersey, CoinShares had secured the option on Valkyrie Funds back in November. The decision to exercise this option demonstrates the company’s ambition to extend its success beyond the European market into the U.S. “Our expertise has enabled us to dominate the European market, commanding over 40% of all assets under management in crypto ETPs,” said CEO Jean-Marie Mognetti. The acquisition is expected to add around $110 million to CoinShares’ existing assets under management of $4.5 billion.
The acquisition includes Valkyrie’s Bitcoin and Ether Strategy ETF (BTF) and the Bitcoin Miners ETF (WGMI), marking CoinShares’ expansion in the U.S. market. The financial terms of the acquisition were not disclosed, and the completion is subject to satisfactory due diligence.
This strategic move by CoinShares aligns with positive developments in the U.S. regulatory landscape, notably the SEC’s approval of Valkyrie’s spot Bitcoin ETF. CoinShares initially secured the option to acquire Valkyrie’s crypto unit in November 2023, and the decision to exercise this option reinforces the company’s commitment to expanding its digital asset offerings in the U.S.
Leah Wald, CEO of Valkyrie, expressed optimism about the collaboration, emphasizing that CoinShares’ expertise combined with Valkyrie’s strengths promises to drive them forward in the American digital asset investment sphere, particularly within the digital asset ETF market.
This collaboration mirrors a trend in the industry, where major European crypto investment firms are joining forces with U.S. spot Bitcoin ETF issuers. The recent filing of the ARK 21Shares Bitcoin ETF, a collaboration between ARK Investment Management and Swiss crypto issuer 21Shares, exemplifies the ongoing partnership between European and U.S. entities in the ETF space.
In other news, BitDAO’s Mantle Core is looking to raise $200 million to aid Web3 startups, and Kazakhstan has launched a pilot project to allow crypto exchanges to start bank accounts. Additionally, Crypto Sleuth ZachXBT has uncovered an alleged $2 million exploit on CoinSpot.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇯🇪 🇨🇭 🇰🇿 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jean-Marie Mognetti, Leah Wald |
| Companies | Securities and Exchange Commission, CoinSpot, Valkyrie Funds, Valkyrie Investments, BitDAO, CoinShares, 21Shares, ARK Investment Management |
| Currencies | Bitcoin, Lido Staked Ether |
| Securities | None |
