CoinShares, one of the world’s largest cryptocurrency investment companies, announced on the 12th that it has acquired Valkyrie Funds, one of the issuers of Bitcoin spot ETFs that just received SEC license this week.
(Previous summary: Historic moment: US SEC approved 11 Bitcoin spot ETFs! Full text of SEC announcement, summary of ETF-related questions)
(Background supplement: Bloomberg Research: The best-performing ETF in 2023 is “Valkyrie Bitcoin Miners”! The return rate of Bitcoin mining companies exceeded 261%)
After several twists and turns, the U.S. Securities and Exchange Commission (SEC) finally approved the application for 11 Bitcoin spot ETFs this week, giving BTC an important step.In this context, CoinShares, one of the world’s largest cryptocurrency investment companies, yesterday (12)announcementstated that it decided to exercise its “stock option” and acquire Valkyrie Funds, one of the issuers of Bitcoin spot ETFs.
CoinShares obtained a “stock option” against Valkyrie Funds on November 16, 2023, with an expiration date of March 31 this year. The option gives CoinShares the right to buy shares of Valkyrie Funds at a low price, but it is ultimately up to CoinShares whether to exercise the option.
CoinShares asset management scale is expected to increase by 110 million mg
According to the official announcement, after the completion of the acquisition, CoinShares’ asset management scale (AUM) will increase by an additional US$110 million to the current US$4.5 billion (approximately the amount of Valkyrie Funds’ current Bitcoin spot ETF (Nasdaq: BRRR), Bitcoin The total asset size of the Bitcoin and Ethereum Strategy ETF (Nasdaq: BTF) and the Bitcoin Miner ETF (Nasdaq: WGMI))
Extended reading: Bloomberg Research: The best-performing ETF in 2023 is “Valkyrie Bitcoin Miners”! Bitcoin mining company investment return rate exceeds 261%
The current acquisition still needs to wait for the completion of due diligence, finalization of legal agreements, and board discussion and approval. Valkyrie Funds will continue to operate independently until then. Regarding the acquisition, CoinShares CEO Jean-Marie Mognetti said:
The exercise of stock options on Valkyrie Funds is designed to extend our success in Europe to the United States. We will provide U.S. investors with unparalleled compliant opportunities to invest in digital assets. This acquisition also demonstrates our intention to become a global digital asset. Leader’s ambition.
What are CoinShares?
CoinShares is a digital asset investment company located in Jersey, Europe. Its business includes providing financial services such as investment management, trading and securities to businesses, financial institutions and individuals. Since 2013, CoinShares has focused on cryptocurrency investment.
What are Valkyrie Funds?
Valkyrie Investments is an asset management company located in Tennessee, USA. It focuses on using blockchain technology to introduce public investment products to the traditional financial market. It manages approximately US$180 million in assets.
Valkyrie Funds is the investment research subsidiary of Valkyrie Investments that specializes in cryptocurrency ETFs. It received approval from the U.S. Securities and Exchange Commission (SEC) on January 11, 2024 to issue a Bitcoin spot ETF. The ETF has a Nasdaq code of BRRR.
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2024-01-13 04:00:19
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