Strategic Move Follows SEC’s Approval of Valkyrie’s Bitcoin ETF
In a bid to solidify its position in the U.S. market, asset manager CoinShares has made the decision to acquire Valkyrie, a prominent player in the American digital asset management field. This move comes after the Securities and Exchange Commission (SEC) approved Valkyrie’s spot Bitcoin ETF, The Valkyrie Bitcoin Fund (BRRR), which began trading on Nasdaq on January 11, 2024.
Upon completion of the acquisition, CoinShares will see its Assets Under Management (AUM) increase by approximately $110 million. This will include Valkyrie’s existing ETF products such as The Valkyrie Bitcoin Fund, The Valkyrie Bitcoin and Ether Strategy ETF, and The Valkyrie Bitcoin Miners ETF.
CoinShares CEO Jean-Marie Mognetti expressed excitement about the acquisition, aiming to replicate their success in the European digital asset industry in the American market. Leah Wald, CEO of Valkyrie Funds, also sees great potential in driving innovation within the digital asset investment market through this merger.
The acquisition process will involve due diligence, legal agreements, and board approval from CoinShares before being finalized. Until then, Valkyrie Funds will maintain its operational independence.
CoinShares’ decision to acquire Valkyrie Funds is a strategic move aimed at strengthening its presence in the U.S. digital asset management sector. By acquiring a reputable player like Valkyrie and its Bitcoin ETF products, CoinShares is positioning itself as a key player in this rapidly evolving industry.
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