CoinShares to Potentially Acquire Valkyrie Funds
CoinShares, a well-known player in cryptocurrency investments, has revealed its intention to potentially acquire Valkyrie Funds, a specialist in crypto Exchange-Traded Funds (ETF). This strategic move, subject to regulatory approvals, signifies a significant step for CoinShares in the U.S. market and the world of crypto-focused investment products.
The deal includes an exclusive option to acquire Valkyrie Funds from Nov. 16 to March 31, 2024, along with a brand licensing agreement. This agreement allows Valkyrie to use the CoinShares name for specific products and regulatory filings, including its anticipated Bitcoin spot ETF. This marks CoinShares’ first venture into the U.S. market with a mainstream crypto passive product, pending SEC approval of the Valkyrie Bitcoin Fund.
CEO Jean-Marie Mognetti believes this move will bridge the gap in the global ETF market and expand CoinShares’ digital asset management expertise globally.
Leah Wald, CEO of Valkyrie Funds, is also excited about this partnership and sees it as an opportunity to foster growth and innovation in the digital asset market.
It’s worth noting that other financial giants are also competing for a spot Bitcoin ETF in the U.S., and the SEC has yet to approve one.
Hot Take: A Game-Changing Move for CoinShares
CoinShares’ potential acquisition of Valkyrie Funds could significantly impact its presence in the U.S. market, marking a pivotal moment for both companies and shaping the landscape of crypto-focused investment products. The strategic alignment between CoinShares and Valkyrie is expected to enhance their offerings and expand their reach, presenting substantial opportunities for growth and innovation in the digital asset market.
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