CoinShares International Limited, a leading digital asset investment player listed on Nasdaq Stockholm (CS) and US OTCQX (CNSRF), has revealed its strategic move to acquire Valkyrie Funds LLC, a digital asset manager based in the United States and specializing in cryptocurrency exchange-traded funds. (AND F). This strategic move follows the recent approval by the Securities and Exchange Commission (SEC) for Valkyrie’s Bitcoin spot ETF. It is also known as Valkyrie Bitcoin Fund (Nasdaq: BRRR), which began trading on Nasdaq.
Strategic acquisition for global expansion
Recognized as a leader in digital asset management in Europe, CoinShares sees the acquisition of Valkyrie Funds as a crucial step. This is about extending its success from the European market to the United States. This strategic move comes at the right time following the SEC’s green light for Valkyrie’s Bitcoin spot ETF. This further highlights CoinShares’ commitment to providing regulated digital asset products to US investors.
Increase assets under management (AUM)
The acquisition is expected to increase CoinShares’ assets under management (AUM) by approximately $110 million. It represents the current assets under management of Valkyrie’s existing ETF products. Valkyrie Funds, headquartered in Nashville, is known for providing exposure to digital assets through traditional financial instruments. It is led by experienced asset managers from reputable financial institutions.
Current assets under management and operational autonomy
CoinShares currently has $4.5 billion in assets under management. Additionally, the acquisition will encompass Valkyrie’s existing ETF products, including the Valkyrie Bitcoin and Ether Strategy ETF (Nasdaq: BTF) and the Valkyrie Bitcoin Miners ETF (Nasdaq: WGMI). Jean-Marie Mognetti, CEO of CoinShares, highlighted the strategic importance of this acquisition. The CEO highlighted the goal of offering regulated digital asset products to the US market.
Jean-Marie Mognetti emphasized that the acquisition constitutes a vital bridge to extend CoinShares’ European success to the American market. Leah Wald, CEO of Valkyrie Funds, said she was excited about the collaboration. Wald further cited synergies between the two entities for making progress in the US digital asset investment market.
Also Read: Elizabeth Warren Says SEC Got Wrong in Bitcoin ETF Decision
Pending steps and operational independence
The successful completion of the acquisition is dependent on satisfactory due diligence, finalization of necessary legal agreements, and receipt of approval from the CoinShares Board of Directors. Until the acquisition is fully completed, Valkyrie Funds will maintain its operational independence.
This company’s move is expected to pave the way for Valkyrie’s funds and operations to be directly integrated into the CoinShares group. Additionally, it would provide investors with a full suite of regulated digital asset products.
Also Read: Spot Bitcoin ETF Trading Volume Surpasses $4.5 Billion on Its First Day
reference: watcher.guru