Crypto asset manager CoinShares (CS) exercised its option to buy the exchange-traded fund (ETF) unit of Nashville, Tennessee-based Valkyrie Investments, adding a U.S. arm the day after spot bitcoin ETFs debuted in the country.
“Our expertise has enabled us to dominate the European market, commanding over 40% of all assets under management in crypto ETPs. Exercising our option to acquire Valkyrie Funds aims at extending our European success in the U.S.,” CEO Jean-Marie Mognetti said in a statement.
The acquisition will add around $110 million to CoinShares’ existing assets under management (AUM) of $4.5 billion. As well as the newly approved spot fund, CoinShares gains the Bitcoin and Ether Strategy ETF (BTF) and the Bitcoin Miners ETF (WGMI).
Financial terms for the acquisition, which is subject to satisfactory due diligence completion, were not disclosed.
UPDATE (Jan. 12, 11:23 UTC): Adds the locations of CoinShares and Valkyrie, CS share price, context of bitcoin ETFs’ debut, CEO quote.
