CoinShares Gets Greenlight to Buy Valkyrie ETF Arm as It Expands Into North America
Leading European digital asset investment firm CoinShares has announced its strategic acquisition of the Valkyrie Funds, a crypto exchange-traded fund (ETF) subsidiary of US-based Valkyrie Investments.
In a press release dated November 16, the CoinShares Group stated it obtained an exclusive option to buy Valkyrie Funds and all other crypto-backed funds, both actively traded and those in review by top government agencies.
Valkyrie Funds submitted an S-1 form to the US Securities and Exchange Commission (SEC) on June 21 for a spot Bitcoin ETF.
This was in a bid to float its own institutional-friendly Valkyrie Bitcoin Fund, a practice rapidly picking up pace amongst several legacy asset management firms.
With this recent acquisition by CoinShares, the European crypto asset investment company automatically inherits the Valkyrie Bitcoin Fund and reserves the exclusive right to launch other crypto-backed ETFs in the future.
However, the completion of the deal is contingent on CoinShares exercising its rights, with a deadline of March 31, 2024, as outlined in the official release.
So CoinShares now has exclusive right to acquire Valkyrie funds (until Q1 2024).
*right* – not *obligation*
Is this big news @JSeyff pic.twitter.com/dI8koICHTn
— Oktay Kavrak, CFA (@OKavrak) November 16, 2023
Speaking at the milestone event, CoinShares CEO Jean-Marie Mognetti emphasized the fragmented nature of the global crypto ETF market.
He noted that Europe has taken the lead, having already introduced such services eight years ahead of the United States.
The acquisition of Valkyrie Funds is seen as a strategic move to address this disparity and position the CoinShares Group for expansion into the US crypto ETF market.
Behind the scenes, CoinShares is
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