CoinShares, a digital asset management firm in Europe, has obtained an exclusive option to purchase Valkyrie Funds, the ETF unit of Valkyrie Investments, its competitor in the United States.
This includes the Valkyrie Bitcoin Fund, which is currently awaiting approval in the U.S. On November, CoinShares announced this move as part of their expansions into the US, which is expected to become a major hub for ETF offerings.
The CEO, Jean-Marie Mognetti, expressed his hopes that this acquisition will allow them to take advantage of the fragmented global ETF market.
Mognetti also highlighted the establishment of crypto spot ETPs in Europe since 2015, which he believes will soon be replicated in the US. He emphasized that this difference in market evolution brings both challenges and opportunities.
This option will remain active until March 31, 2024. In the meantime, Valkyrie Funds will continue to operate independently until the acquisition by CoinShares.
As part of the agreement, the two crypto-focused firms have also agreed to a brand licensing term.
