Popular European digital asset investment company, CoinShares has acquired Valkyrie Funds, one of the firms offering spot Bitcoin exchange-traded funds (ETFs) in the United States. The investment firm made the disclosure on Tuesday via an official blog post. More so, the deal will see CoinShares take over the firm’s offering rights to its spot Bitcoin exchange-traded funds (ETFs).
According to the blog post, the digital asset investment firm will as well now own the firm’s investment advisory establishment; Valkyrie Investments, and the Valkyrie Bitcoin Fund. Likewise, other ETFs belonging to Valkyrie like the Valkyrie Bitcoin and Ether Strategy ETF, the Valkyrie Bitcoin Miners ETF, and the Valkyrie Bitcoin Futures Leveraged Strategy ETF will now be under the control of CoinShares.
However, the value of the deal is unknown yet as it will be subjected to the financial results of Valkyrie for the next three-year earnout period. As part of the acquisition process, CoinShares will rebrand Valkyrie and its offerings, submerging them into its business.
Meanwhile, the European digital asset investment firm has always maintained a position to acquire Valkyrie since late last year. The firm viewed the acquisition as an avenue to expand its asset management offerings in the United States
Key Insights into the Acquisition of Valkyrie by Coinshares
The CEO of CoinShares, Jean-Marie Mognetti provided an insight into the takeover deal. According to the CEO, the United States is an important market for international asset-management firms. Furthermore, Jean-Marie Mognetti described the acquisition as another step in the company’s growth strategy which focuses on the United States market.
Similarly, the CEO disclosed that the deal brings an extra $530 million AUM to CoinShares, making it a top-line contributor. Jean-Marie Mognetti revealed that the acquisition will enlarge Coinshares’ product offerings and enhance its innovation capacity.
It is worth mentioning that Valkyrie is one of the investment firms that made history after receiving approval to offer Bitcoin ETFs in January 2024. Ever since, Bitcoin has received a huge inflow of investment resulting in the skyrocketing of its price. The upturn in the price of BTC saw the asset soar above $60k for the first time in 2 years. Further, with the price rally, BTC went on to record a new all-time high, attaining $72,850.