CoinShares Exercises its Option to Acquire Valkyrie: Following the approval of Bitcoin ETFs, CoinShares announced the exercise of its option to acquire Valkyrie. This will allow the European giant to establish itself in the American market.
CoinShares announces the exercise of its option to acquire Valkyrie
In a press release published on Friday, digital asset manager CoinShares announced its intention to acquire Valkyrie. Indeed, the European giant had an option for such an acquisition, an option that it now wishes to take advantage of.
Thus, this decision follows directly from the Securities and Exchange Commission (SEC) approval of BRRR, Valkyrie’s NASDAQ-listed spot Bitcoin ETF.
While Valkyrie also issues 2 other ETFs, one based on ETH price futures and the other on Bitcoin (BTC) mining companies, together these different products represent today $110 million in assets under management. With the acquisition, this amount will be added to the $4.5 billion that CoinShares currently manages.
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According to Jean-Marie Mognetti, CEO of CoinShares, the company today oversees 40% of the assets present in crypto ETPs on the European market. Adding Valkyrie to its portfolio will give the group a place of choice in the American market.
“Exercising our option to acquire Valkyrie Funds aims to extend our European success to the United States, providing unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisitions to support our ambition to be a global leader in digital assets.
For the moment, due diligence work as well as legal agreements must still be carried out before finalizing this operation. For her part, Leah Wald, CEO of Valkyrie, however, welcomed the acquisition. She believes that this “ marks a promising new chapter ” for the company.
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