CoinShares exercises option to acquire Valkyrie Funds following spot bitcoin ETF approval

Mergers & Acquisitions • January 12, 2024, 5:51AM EST
Published 1 minute earlier on
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Quick Take

  • The move is part of CoinShares’ plan to expand into the U.S. market.

Investment firm CoinShares says it has exercised the option to buy Valkyrie Funds following its spot bitcoin exchange-traded fund approval and debut.

Valkyrie Funds is an investment advisory business focusing on spot bitcoin ETFs from Valkyrie Investments. On Wednesday, Valkyrie's spot bitcoin ETF received SEC approval. It started trading on Thursday.

"Exercising our option to acquire Valkyrie Funds aims at extending our European success in the U.S., offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space," said CoinShares CEO Jean-Marie Mognetti in a statement.

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Following the acquisition, CoinShares anticipates that its $4.5 billion in assets under management will increase by $110 million, the value of the assets under management across Valkyrie's three crypto ETFs.

Valkyrie's spot bitcoin ETF was the third lowest performer by trading volume among the 11 spot bitcoin ETFs that debuted on Thursday. It saw just under $9 million of trading volume during the day, compared to $1 billion for BlackRock and $2.27 billion for the Grayscale Bitcoin BTC +0.37% Trust.


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