CoinShares expands U.S. presence with acquisition of Valkyrie ETF business

CoinShares, a leading European investment firm specializing in digital assets, announced that it has completed the strategic acquisition of Valkyrie Funds LLC, the investment advisory business of Valkyrie Investments Inc., and sponsorship rights for the Valkyrie Bitcoin Fund, a physically backed Bitcoin. . ETF. This acquisition is a significant step forward in CoinShares’ U.S. expansion strategy, increasing its global assets under management (AUM) to approximately $7.3 billion as of March 11, 2024.

The acquisition follows CoinShares granting the company an exclusive option to acquire Valkyrie following the signing of an agreement in November 2023. This move was further solidified following the successful launch of the Valkyrie Bitcoin Fund by Valkyrie Investments in January 2024. The addition of Valkyrie’s $530 million AUM strengthens CoinShares’ position in the market and positions the company as a top contributor from day one.

CoinShares plans to rebrand Valkyrie as a U.S. wealth management platform to focus on innovative products that differentiate it in the market. Valkyrie’s existing regulatory license complements CoinShares’ U.S. licensing, creating a solid foundation for the expansion of wealth management plans in the United States. The company aims to provide forward-looking themed asset management by leveraging the success of unique theme products such as $WGMI. The best-performing non-leveraged ETF across all sectors in 2023 and the newly introduced 2x leveraged Bitcoin futures ETF, $BTFX.

Commenting on the acquisition, CoinShares CEO Jean-Marie Mognetti emphasized that the US is an important market for all asset managers. He noted that the acquisition not only adds significant AUM, but also expands the product offering, strengthens innovation capabilities, and increases overall market size by 15x.

Frank Spiteri, Head of Asset Management at CoinShares, emphasized that since 2014, the company has consistently demonstrated trust and reliability through its cryptocurrency products and services. He reaffirmed CoinShares’ commitment to serve as a leader and educator in the cryptocurrency space backed by experienced research. Team and innovative solutions.

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

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

CoinShares continues to solidify its reputation in the digital asset market with a focus on providing a broad range of financial services across investment management, trading and securities. Through expansion into the U.S. market, CoinShares is poised to deliver significant value to stakeholders including corporations, financial institutions, and individuals.

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

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