This strategic move by CoinShares aims to expand its presence in the American securities market and align with its long-term objectives in the industry, with Valkyrie Funds offering valuable expertise in managing digital asset ETFs.
The timing of this acquisition is particularly significant as it follows the recent approval by the US Securities and Exchange Commission of Valkyrie’s spot Bitcoin ETF, which commenced trading on the Nasdaq stock exchange on January 11. By acquiring Valkyrie Funds, CoinShares will be able to offer regulated digital asset products to US investors, while also substantially increasing the assets under management in its existing Valkyrie ETF products by approximately $110 million,” explained Jean-Marie Mognetti, CEO of CoinShares.
While awaiting the completion of the acquisition process, including the necessary legal agreements and final approval from CoinShares’ board of directors, Valkyrie Funds will maintain its operational independence.
Valkyrie Funds, a prominent American management company, has been actively expanding its investment product range throughout 2023. Notably, they submitted an application to the SEC in August to register an ether futures ETF called Ethereum Strategy ETF. Alongside this, Valkyrie also offers Bitcoin futures funds, including Bitcoin Strategy ETF and Bitcoin Miners ETF.