One of the world’s largest cryptocurrency investment companies, CoinShares, announced on the 12th that it has acquired Valkyrie Funds, one of the Bitcoin spot ETF issuers that recently obtained SEC approval this week.
(Background:
Historic Moment: US SEC Approves 11 Bitcoin Spot ETFs! SEC Announces Full Text, Comprehensive Compilation of ETF-related Questions
)
(Background Supplement:
Bloomberg Research: The Best Performing ETF in 2023 is “Valkyrie Bitcoin Miners”! Bitcoin Miner’s ROI Breaks 261%
)
Table of Contents
CoinShares’ AUM is expected to increase by £110 million.
What is CoinShares?
What is Valkyrie Funds?
After several twists and turns, the U.S. Securities and Exchange Commission (SEC) finally approved the applications for 11 Bitcoin spot ETFs this week, marking an important milestone for BTC. Against this background, CoinShares, one of the world’s largest cryptocurrency investment companies, announced yesterday (12th) that it has decided to exercise its “stock options” and acquire Valkyrie Funds, one of the Bitcoin spot ETF issuers.
CoinShares obtained the “stock options” for Valkyrie Funds on November 16, 2023, with an expiration date of March 31 of this year. The options give CoinShares the right to purchase Valkyrie Funds stocks at a low price, but whether to exercise the options ultimately depends on CoinShares.
CoinShares’ AUM is expected to increase by £110 million
According to the official announcement, after this acquisition is completed, CoinShares’ Assets Under Management (AUM) will increase by $110 million on top of the current $4.5 billion base (approximately the total assets under Valkyrie Funds, including Bitcoin spot ETF (Nasdaq: BRRR), Bitcoin and Ethereum Strategy ETF (Nasdaq: BTF), and Bitcoin Miner ETF (Nasdaq: WGMI)).
Further reading:
Bloomberg Research: The Best Performing ETF in 2023 is “Valkyrie Bitcoin Miners”! Bitcoin Miner’s ROI Breaks 261%
The completion of the acquisition still requires due diligence, confirmation of legal agreements, and approval from the board of directors. Until then, Valkyrie Funds will continue to operate independently. Regarding this acquisition, Jean-Marie Mognetti, CEO of CoinShares, stated:
What is CoinShares?
CoinShares is a digital asset investment company based in Jersey, Europe. Its business includes providing investment management, trading, and securities services to corporations, financial institutions, and individuals in the financial industry, with a focus on cryptocurrency investment since 2013.
What is Valkyrie Funds?
Valkyrie Investments is an asset management company based in Tennessee, USA, focusing on introducing popular investment products to traditional financial markets using blockchain technology. It currently manages approximately $180 million in assets.
Valkyrie Funds is a research subsidiary of Valkyrie Investments specializing in cryptocurrency ETFs. It obtained approval from the U.S. Securities and Exchange Commission (SEC) on January 11, 2024, to issue Bitcoin spot ETFs, with the ETF trading on Nasdaq under the code BRRR.
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