CoinShares Completes Acquisition of Valkyrie Funds
European fund manager CoinShares has successfully acquired Valkyrie Funds LLC, a move that strengthens its presence in the United States. CoinShares, which specializes in digital assets, announced the completion of the acquisition and stated that it now holds sponsor rights to Valkyrie’s new Bitcoin exchange-traded fund (ETF).
The acquisition of Valkyrie’s ETF business is part of CoinShares’ growth strategy, with a particular focus on expanding its operations in the U.S. market. CoinShares CEO Jean-Marie Mognetti expressed his satisfaction with the acquisition, highlighting its significance in advancing their growth plans.
In November, CoinShares revealed its intention to acquire Valkyrie’s ETF business, and this recent development marks the successful completion of that plan.
Green Light for Bitcoin ETFs
The Securities and Exchange Commission (SEC) granted approval for 11 spot Bitcoin ETFs to trade on U.S. stock exchanges on January 11. This regulatory approval has had a significant impact on the digital assets market, with ten out of the eleven approved ETFs already launched and experiencing substantial growth.
Valkyrie Bitcoin Fund is among the approved ETFs and is currently trading on Nasdaq under the ticker BRRR. With the completion of the acquisition, CoinShares gains control over this product as well as three other funds: Bitcoin Miners ETF (WGMI), Bitcoin and Ether Strategy ETF (BTF), and Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX).
By acquiring Valkyrie Funds, CoinShares is poised to increase its assets under management by approximately $530 million across these four funds.
While the BRRR ETF is relatively smaller compared to others in terms of assets under management, with $297.3 million, it is worth noting that BlackRock’s iShares Bitcoin Trust currently has over $14 billion in assets under management.
Hot Take: CoinShares Expands its Reach in the U.S.
CoinShares’ acquisition of Valkyrie Funds marks a significant milestone in its growth strategy, particularly its expansion into the U.S. market. With the completion of this deal, CoinShares now has sponsor rights to Valkyrie’s Bitcoin ETF and gains control over several other funds.
This move positions CoinShares as a major player in the digital assets industry, allowing it to tap into the growing demand for cryptocurrency investment products in the United States.
By acquiring Valkyrie Funds and expanding its assets under management by approximately $530 million, CoinShares solidifies its position as a leading European investment company specializing in digital assets.
As the crypto industry continues to evolve and gain mainstream acceptance, strategic acquisitions like this one enable companies like CoinShares to establish a stronger foothold in key markets and capitalize on emerging opportunities.
The acquisition of Valkyrie Funds is expected to contribute significantly to CoinShares’ long-term growth and success, reinforcing its reputation as a trusted provider of innovative digital asset investment solutions.
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