CoinShares Exercises Option to Acquire Valkyrie Funds Following Spot Bitcoin ETF Approval
Investment management company, CoinShares has exercised the right to acquire Valkyrie Funds, a unit of Valkyrie Investment Inc. following the approval of its spot Bitcoin (BTC) ETF by the Securities and Exchange Commission (SEC).
In a Jan 12 announcement, the company disclosed the move, and its reasons, the prospects to expand in the United States market, and projected growth.
We are pleased to announce that we have exercised the option to acquire the U.S.-based digital asset manager @ValkyrieFunds LLC, whose Spot Bitcoin ETF (Valkyrie Bitcoin Fund) was approved this week.
This move not only reaffirms our desire to bring our long-time expertise in… pic.twitter.com/2MBaptQdLt
— CoinShares (@CoinSharesCo) January 12, 2024
According to the statement, the firm tipped the decision to acquire the company on the approval of the spot BTC ETF by the SEC.
The Valkyrie Bitcoin Fund (BRRR) began trading on Jan 11 2024 on Nasdaq becoming among the first approved ETFs by the regulator as the United States regulatory landscape on cryptocurrencies continues to evolve.
“This move aligns with the positive developments in the US regulatory landscape and CoinShares’ strategy to expand its digital asset offerings in the U.S. market.”
Currently offering three products including the Valkyrie Bitcoin Fund, the Valkyrie Bitcoin and Ether Strategy ETF (Nasdaq BTF), and the Valkyrie Bitcoin Miners’ ETF (Nasdaq WGMI), all prospects look good for the expansion to more frontiers in the US.
The firm projects a $110 million immediate addition to its Assets Under Management (AUM) being the current AUM of the above three products at the time of the release.
This makes a crucial addition to the $4.5 billion in AUM posted by CoinShares after huge inflows of
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