CoinShares, one of Europe’s largest digital asset managers, recently announced its intention to acquire 100% of Valkyrie Investments’ ETF fund. Valkyrie is actively participating in the race for the Bitcoin Spot ETF alongside other Wall Street giants. If successful, this deal would establish CoinShares firmly in the U.S. as the cryptocurrency ETF craze reaches unprecedented levels.
As part of the agreement, CoinShares and Valkyrie have agreed to a licensing deal allowing Valkyrie’s products, such as the pending Bitcoin ETF application, to use the CoinShares name in legal submissions to the U.S. Securities and Exchange Commission (SEC).
According to the agreement, Valkyrie Investments has obtained a limited global license to use the ‘CoinShares’ brand for S-1 filings with the SEC. If the SEC approves the Valkyrie Bitcoin Fund, Valkyrie Investments plans to integrate the CoinShares brand. This move would mark CoinShares’ first step in offering mainstream cryptocurrency products in the U.S. market.
In a recent statement, CoinShares CEO Jean-Marie Mognetti shared, “The acquisition of Valkyrie is accelerating our expansion process into the U.S. market as well as extending the CoinShares brand globally.”
The deadline for CoinShares to decide on the Valkyrie Fund acquisition is March 31, 2024. While awaiting the completion of the deal, Valkyrie Funds will continue to operate as an independent entity but must adhere to “approval and agreement provisions, reasonable diligence, and the completion of necessary legal agreements.”
CoinShares is a prominent player in the European cryptocurrency ETP market, managing over $3 billion in assets. If the SEC approves the Valkyrie Bitcoin Fund, Valkyrie Investments will use the CoinShares name to mark CoinShares’ first crypto product in the U.S. market.