Leading European digital asset investment firm CoinShares has recently made a strategic acquisition by taking ownership of the Valkyrie Funds. CoinShares Group, in a press release dating November 16th, revealed that it has obtained the exclusive option to purchase Valkyrie Funds, a crypto exchange-traded fund (ETF) subsidiary of US-based Valkyrie Investments. This acquisition includes all actively traded crypto-backed funds, as well as those under review by top government agencies.
Valkyrie Funds had previously submitted an S-1 form to the US Securities and Exchange Commission (SEC) on June 21st, seeking approval for their spot Bitcoin ETF. It has become common practice for legacy asset management firms to venture into the institutional-friendly field of cryptocurrency, and Valkyrie Funds’ application was part of this trend. With CoinShares acquiring Valkyrie Funds, they also gain control of the Valkyrie Bitcoin Fund, in addition to securing the ability to launch future crypto-backed ETFs.
The completion of the acquisition is subject to CoinShares exercising its rights, with a deadline set for March 31, 2024. This timeframe is outlined in the official release, and it indicates a definitive step forward for both companies involved. CoinShares CEO Jean-Marie Mognetti emphasized the fragmented nature of the global crypto ETF market and highlighted Europe’s early lead in introducing such services, stating that Europe has been offering crypto ETFs for eight years longer than the United States.
