CoinShares Acquires Valkyrie ETF Business, Expanding U.S. Footprint

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CoinShares completes its strategic acquisition of the Valkyrie ETF Business, strengthening its US market presence and increasing global AUM.

CoinShares, a leading European investment intermediary specializing in digital assets, has announced the completion of its strategic acquisition of Valkyrie Funds LLC, an investment advisory business of Valkyrie Investments Inc., and sponsor rights to the Valkyrie Bitcoin Fund, a physical collateralized Bitcoin ETF. This acquisition is a significant leap in CoinShares’ US expansion strategy, increasing its global assets under management (AUM) to approximately $7.3 billion as of March 11, 2024.

The acquisition follows CoinShares entering into an agreement in November 2023 that gives the company an exclusive option to acquire Valkyrie. The move was cemented after Valkyrie Investments’ successful launch of the Valkyrie Bitcoin Fund in January 2024. The addition of Valkyrie’s $530 million AUM strengthens CoinShares’ position in the market, marking the company as the largest participant since day one.

CoinShares plans to rebrand Valkyrie as its US asset management platform, focusing on innovative products that stand out in the market. Valkyrie’s existing regulatory licenses complement CoinShares’ US authorizations, laying a solid foundation for the expansion of the US asset management plan. The company aims to offer forward-looking thematic asset management, leveraging the success of unique thematic products such as $WGMI — 2023’s top performing non-leveraged ETF across all sectors — and the newly launched $BTFX, a 2x leveraged Bitcoin futures ETF.

Jean-Marie Mognetti, CEO of CoinShares, noted the acquisition, highlighting the US as a critical market for any asset manager. He noted that the acquisition not only adds significant AUM, but also expands product offerings, strengthens innovation capacity and increases the total addressable market by a factor of 15.

Frank Spiteri, Head of Asset Management at CoinShares, highlighted the company’s consistent display of trust and reliability with its crypto products and services since 2014. He reaffirmed CoinShares’ commitment to serve as both leaders and educators in the crypto space, backed by an experienced research team and innovative solutions.

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As part of the acquisition, CoinShares initiated the process of seamlessly blending Valkyrie into its portfolio of brands. This strategic integration is expected to be finalized by the summer, unifying the product line across the entire CoinShares ecosystem and strengthening brand consistency and awareness in the US

The final purchase price of the acquisition will be settled at the end of a three-year earnings period and depends on the financial performance of the acquired business. The technical details of the acquisition include customary seller and buyer statements signed on March 12, 2024.

CoinShares continues to strengthen its reputation in the digital asset market by focusing on providing a wide range of financial services in investment management, trading and securities. With its expansion into the US market, CoinShares is poised to deliver significant value to its stakeholders, including corporations, financial institutions and individuals.

As the digital asset landscape evolves, CoinShares’ acquisition of the Valkyrie ETF Business represents a key point in the company’s growth strategy, signaling a stronger global presence and a deeper commitment to product innovation and market differentiation.

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