Coinshares obtains right to purchase Valkyrie's ETF arm in bid to further US expansion

Quick Take

  • The digital asset investment firm CoinShares gained the exclusive right to purchase 100% of Valkyrie Funds, associated rights with the Valkyrie Bitcoin Fund and any held unlaunched ETFs from Valkyrie Investments. 
  • CoinShares has until March 31, 2024 to act on its purchasing right. 

The UK-based digital asset investment firm CoinShares obtained the exclusive option to buy certain assets from the alternative asset management firm Valkyrie Investments.

CoinShares has the right to buy Valkyrie Funds, an investment advisory business focusing on crypto exchange-traded funds (ETFs), as well Valkyrie Investments's rights regarding the Valkyrie Bitcoin Fund and unlaunched ETFs, according to a release from CoinShares Group. CoinShares has until March 31, 2024 to buy Valkyrie Funds from Valkyrie Investments. 

"The option to acquire Valkyrie is accelerating our expansion into the U.S. market and the deployment of our digital asset management expertise globally," said CoinShares CEO Jean-Marie Mognetti in a statement. 

Brand licensing moving forward


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Valkyrie Funds submitted an S-1 filing for the Valkyrie Bitcoin Fund, a spot bitcoin ETF, with the Securities and Exchange Commission on June 21. 

"As part of the acquisition option deal, the two companies have finalized a brand licensing agreement," according to the release. "Throughout the option period, Valkyrie Investments is granted a limited, revocable global license to use the 'CoinShares' name for its S-1 filings with the SEC. Should the SEC approve the Valkyrie Bitcoin Fund, Valkyrie Investments plans to incorporate the CoinShares name, signifying CoinShares' first venture into offering a mainstream crypto passive product in the U.S. market."

Valkyrie Funds already offers a Bitcoin Strategy ETF and a Bitcoin Miners ETF, The Block previously reported.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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