CoinShares
International Limited has officially exercised its option to acquire Valkyrie
Funds LLC, the US digital asset manager’s investment advisory business
specializing in actively managed cryptocurrency exchange-traded funds (ETFs).
This strategic move follows the recent approval by the US Securities and
Exchange Commission for the issuance of Valkyrie’s spot Bitcoin ETF, The
Valkyrie Bitcoin Fund.
The
Valkyrie Bitcoin Fund commenced trading on January 11 at 09:30 am ET on Nasdaq,
marking a milestone for the company as part of the first cohort of issuers for
such products in the US. CoinShares’ decision to acquire Valkyrie Funds aligns
with the positive developments in the US regulatory landscape and reflects its
strategy to expand its digital asset offerings in the American market.
Leah Wald, CEO of Valkyrie Funds, Source: LinkedIn
Upon
completion, the acquisition
is anticipated to strengthen CoinShares’ existing assets under management (AUM)
of $4.5 billion by approximately $110 million. This addition represents the
current level of AUM within Valkyrie’s existing ETF products, including The
Valkyrie Bitcoin Fund, The Valkyrie Bitcoin and Ether Strategy ETF, and The
Valkyrie Bitcoin Miners ETF.
Jean-Marie
Mognetti, CEO of CoinShares, commented on the development, stating:
“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.”
CoinShares exercised an option to buy an exchange-traded funds business from rival Valkyrie, two days after US regulators approved ETFs investing directly in Bitcoin https://t.co/VQtTxu0rUa
— Bloomberg Crypto (@crypto) January 12, 2024
Valkyrie
Funds Anticipates Successful Partnership
The
exercise of this acquisition option marks a pivotal step in the process,
underscoring CoinShares’ commitment to incorporating Valkyrie Funds into its
portfolio. The integration of Valkyrie’s funds and operations into the
CoinShares group is expected to enhance the company’s position in the American digital asset
investment market.
Leah
Wald, CEO of Valkyrie Funds, expressed excitement about the partnership, saying:
“CoinShares has established itself as a premier player in the digital
asset space, and we’re excited to see how they continue advancing the space…
