The U.S. Securities and Exchange Commission (SEC) finally approved the application for 11 Bitcoin spot ETFs this week, which is an important milestone for the development of Bitcoin. Against this background, CoinShares, one of the world's largest cryptocurrency investment companies, announced yesterday its decision to exercise stock options and acquire Valkyrie Funds, one of the issuers of Bitcoin spot ETFs. This acquisition will further solidify CoinShares’ leading position in the cryptocurrency market and provide investors with more diversified investment options. It also demonstrates Bitcoin’s growing growth as an asset class and recognition among institutional investors.
CoinShares received a stock option against Valkyrie Funds on November 16, 2023, which will expire on March 31 this year. Under the option, CoinShares has the right to purchase shares of Valkyrie Funds at a lower price, but whether to ultimately exercise the option will depend on CoinShares’ decision.
According to the official announcement, CoinShares announced the completion of the acquisition transaction. After the acquisition is completed, CoinShares' asset management scale will increase by US$110 million, bringing its total size to US$4.61 billion. This growth was mainly due to CoinShares’ acquisition of Valkyrie Funds’ Bitcoin Spot ETF (Nasdaq: BRRR), Bitcoin and Ethereum Strategy ETF (Nasdaq: BTF) and Bitcoin Miner ETF (Nasdaq: WGMI), and its assets The scale is brought into one's own management scope. This acquisition will further consolidate CoinShares' leading position in the field of digital asset management and provide its customers with more diversified investment options and services.
Currently, Valkyrie Funds’ acquisition is still awaiting completion of due diligence, determination of legal agreements, and board discussion and approval. During this period, Valkyrie Funds will remain an independent operation. Jean-Marie Mognetti, CEO of CoinShares, said: “Our decision to exercise our stock options on Valkyrie Funds is designed to expand our success in Europe into the U.S. market. We are committed to providing U.S. investors with compliant digital asset investment opportunities, reinforcing our ambition to become a global leader in digital assets. The completion of this acquisition will be an important step towards achieving this goal.
CoinShares is a digital asset investment company headquartered in Jersey, Europe. Over the years, they have focused on providing financial services such as investment management, trading and securities to businesses, financial institutions and individuals. CoinShares has been dedicated to cryptocurrency investing since 2013. They not only provide diversified investment products, but also actively promote the development and innovation of the cryptocurrency market, providing investors with safe and reliable digital asset investment opportunities.
Valkyrie Investments is an asset management company located in Tennessee, USA. It focuses on using blockchain technology to launch public investment products into the traditional financial market and manages approximately US$180 million in assets.
Valkyrie Funds is a subsidiary of Valkyrie Investments and focuses on investment research in cryptocurrency ETFs. The company received approval from the U.S. Securities and Exchange Commission (SEC) on January 11, 2024, to issue an investment product called the Bitcoin Spot ETF. The ETF is listed on Nasdaq under the symbol BRRR.
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