CoinShares Secures Option to Acquire Valkyrie’s ETF Unit, Propelling US Expansion
Summary:
CoinShares, the European digital asset management firm, has obtained an exclusive option to take over the exchange-traded fund (ETF) division of American rival Valkyrie Investments. This includes the awaiting approval Valkyrie Bitcoin Fund, aiding the firm’s expansion to the U.S. The option remains active till March 31, 2024, with Valkyrie Funds running independently until the acquisition is finalised. The firms agreed the CoinShares name would be used for future filings to the SEC. If approved, the Valkyrie Bitcoin Fund will incorporate the CoinShares name.
CoinShares, a European firm specialised in digital asset management, has obtained an exclusive option to take over the exchange-traded fund (ETF) division of Valkyrie Investments, its American rival. This includes the Valkyrie Bitcoin Fund, which is still waiting for authorisation in the United States. On November 17, CoinShares revealed that this step assists in its expansion to the U.S., which could soon transform into a hub for ETF launches. Jean-Marie Mognetti, CEO of CoinShares, anticipates that acquiring Valkyrie will enable the firm to gain from the generally disjointed global ETF market.
The option stays active till March 31, 2024. Until CoinShares finalises its acquisition, Valkyrie Funds will continue functioning independently. The duo, both specialising in crypto, agreed on a brand licensing duration where the name CoinShares will appear in any future S-1 submissions to the Securities and Exchange Commission, a required step when companies plan to go public.
Provided that the Securities and Exchange Commission (SEC) grants approval to the Valkyrie Bitcoin Fund, the plan is to include the name of CoinShares in the ETF. On June 21, Valkyrie, along with BlackRock and numerous other finance firms, filed for the spot Bitcoin ETF. CoinShares, which directs more than $3.2 billion of assets under management, showed positivity about the U.S. cryptocurrency ETF market in September, insisting that the U.S. is not falling behind in regulating digital assets.
Published At
11/17/2023 3:37:00 AM
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