- CoinShares stated that this move will assist in their expansion in the United States and help them enter the U.S., which could soon become the epicenter of ETF offerings.
- The option will remain active until March 31, 2024. Currently, Valkyrie Funds will continue to operate as an independent entity until the completion of the CoinShares acquisition.
- Valkyrie filed for a spot Bitcoin ETF on June 21, at the same time BlackRock and a number of other financial companies also filed.
European asset management company CoinShares has taken steps to acquire the ETF unit of its U.S. rival, Valkyrie Investments, including the pending Valkyrie Bitcoin Fund: Here are the details!
CoinShares May Acquire Valkyrie’s ETF Unit
European digital asset management company CoinShares has secured a call option to purchase the exchange-traded fund (ETF) unit of its U.S. rival, Valkyrie Investments, including the pending Valkyrie Bitcoin Fund awaiting approval in the United States.
In an announcement made on November 17, CoinShares stated that this move will assist in their expansion in the United States and help them enter the U.S., which could soon become the epicenter of ETF offerings. Jean-Marie Mognetti, the CEO of the company, added that the acquisition of Valkyrie is expected to help them benefit from the fragmented global ETF market. Mognetti said:
“The establishment of crypto spot ETPs in Europe since 2015 is a development that will soon be repeated in the U.S., illustrating this situation perfectly. This disparity in market evolution presents both challenges and significant opportunities.”
The option will remain active until March 31, 2024. Currently, Valkyrie Funds will continue to operate as an independent entity until the completion of the CoinShares acquisition.
CoinShares Name Could Be Included in Applications
The two crypto-focused firms have also agreed on a brand licensing period where the CoinShares name will be included in future Securities and Exchange Commission (SEC) S-1 applications – used when companies plan to register a security offering with regulators when going public.
If the SEC approves the Valkyrie Bitcoin Fund, Valkyrie plans to include the CoinShares name in the ETF. Valkyrie applied for a spot Bitcoin ETF on June 21, and several other financial firms, including BlackRock, have also submitted applications.
CoinShares manages assets of over $3.2 billion and expressed optimism in September that the United States is not lagging behind in digital asset regulations.
