CoinShares has confirmed the exercise of its strategic option to acquire Valkyrie Funds, thereby bolstering its entrance into the U.S. market.
12th January 2023 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares'' or “the Company”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), today announced it has exercised the option to acquire Valkyrie Funds LLC (“Valkyrie Funds”), the U.S. digital asset manager's investment advisory business specialising in actively managed cryptocurrency exchange-traded funds, from Valkyrie Investments Inc. ("Valkyrie Investments").
CoinShares' decision to exercise this option comes as a direct result of SEC approval for the issuance of Valkyrie’s spot Bitcoin ETF, The Valkyrie Bitcoin Fund (BRRR), which commenced trading on Thursday 11th January 2024 at 09:30 am ET on Nasdaq as part of the first cohort of issuers for such products in the U.S. 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.
Upon completion, the acquisition is expected to bolster CoinShares' existing AUM, currently at $4.5 billion by approximately $110 million, being the current level of AUM within Valkyrie’s existing ETF products: The Valkyrie Bitcoin Fund (Nasdaq: BRRR), The Valkyrie Bitcoin and Ether Strategy ETF (Nasdaq: BTF) and The Valkyrie Bitcoin Miners ETF (Nasdaq: WGMI).
The exercise of this option signifies a pivotal step in the acquisition process, clearly demonstrating CoinShares' commitment to acquiring Valkyrie Funds. Once finalised, this will lead to the direct integration of Valkyrie’s’ funds and operations into the CoinShares group.
CEO of CoinShares, Jean-Marie Mognetti, commented on today’s news: “Since our inception in 2014, CoinShares has consistently led the European digital asset industry, setting benchmarks for transparency and investor protection with its regulated digital asset products. 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, 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.”
Leah Wald, CEO of Valkyrie Funds, stated: “CoinShares has established itself as a premier player in the digital asset space and we’re excited to see how they continue advancing the space by leveraging Valkyrie’s team and expertise. CoinShares' renowned capabilities and proven success in combination with our strengths promise to propel us forward in the American digital asset investment sphere, particularly within the digital asset ETF market. Being part of such a strong and successful group marks a promising new chapter for us.”
The acquisition is pending the completion of satisfactory due diligence, the finalisation of necessary legal agreements and final Company board approval. Valkyrie Funds is maintaining its operational independence until the acquisition is fully executed and finalised.
CoinShares is the European leading investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the U.K. and the U.S. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, in the U.S. by the Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.
Valkyrie Investments is a specialised alternative financial services firm at the intersection of traditional finance and the emerging cryptocurrency sector whose affiliates aim to offer asset management, research and other services. Headquartered in Nashville, Valkyrie aims to provide exposure to the emerging digital asset class through traditional financial vehicles. Valkyrie is led by seasoned asset managers who have previously launched multiple ETFs, publicly traded funds and Exchange Traded Products, including digital asset funds with backgrounds across Guggenheim Partners, MUFG Investor Services (US), Chicago Board of Trade, Chicago Mercantile Exchange, and the World Bank.
For more information on CoinShares, please visit:
Company | +44 (0)1534 513 100 |
Investor Relations | +44 (0)1534 513 100 |
+33 6 72 44 07 17
M Group Strategic Communications
This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information in this press release has been published through the agency of the contact persons set out above, at 11AM CET on Friday 12th January 2024.