CoinShares, a European investment company, has announced its decision to acquire Valkyrie Funds LLC, the investment advisory arm of US digital asset manager Valkyrie Investments Inc. This move is a direct response to the US Securities and Exchange Commission’s (SEC) approval of Valkyrie’s spot Bitcoin ETF, ‘The Valkyrie Bitcoin Fund (BRRR)’, which began trading on January 11th.
This acquisition is part of CoinShares’ strategy to expand its digital asset offerings in the US market. The company expects the acquisition to increase its existing Assets Under Management (AUM) of $4.5 billion by approximately $110 million. This increase reflects the current AUM of Valkyrie’s existing ETF products: The Valkyrie Bitcoin Fund (Nasdaq: BRRR), The Valkyrie Bitcoin and Ether Strategy ETF (Nasdaq: BTF), and The Valkyrie Bitcoin Miners ETF (Nasdaq: WGMI).
Upon completion, the acquisition will involve the integration of Valkyrie’s funds and operations into the CoinShares group. CoinShares CEO Jean-Marie Mognetti stated that the firm commands over 40% of all assets under management in crypto ETPs in the European market. He added, “Exercising our option to acquire Valkyrie Funds aims at extending our European success in the US, offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space.”
The acquisition is currently awaiting completion of due diligence, legal agreements, and approval from the company’s board. Valkyrie Funds will remain operationally independent until the acquisition is fully completed.
This development comes almost two months after CoinShares first secured an exclusive option to acquire Valkyrie Funds, marking the next phase of the digital asset manager’s penetration into the US market. As part of the acquisition deal, the two companies had finalized a brand licensing agreement. Valkyrie Investments was granted a limited, revocable global license to use the name “CoinShares” for its S-1 filings with the SEC throughout the option period.
Following the development, Valkyrie Funds CEO Leah Wald commented, “CoinShares’ renowned capabilities and proven success in combination with our strengths promise to propel us forward in the American digital asset investment sphere, particularly within the digital asset ETF market. Being part of such a strong and successful group marks a promising new chapter for us.”
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 | Valkyrie Funds LLC, CoinShares, Nasdaq, Valkyrie Investments Inc., US Securities and Exchange Commission |
| Currencies | Bitcoin, Lido Staked Ether |
| Securities | Valkyrie Bitcoin Miners ETF (Nasdaq: WGMI), Valkyrie Bitcoin Fund (Nasdaq: BRRR), Valkyrie Bitcoin and Ether Strategy ETF (Nasdaq: BTF) |
