CoinShares Secures Option to Acquire Valkyrie’s Crypto ETF Unit

European crypto asset manager CoinShares has obtained the exclusive option to acquire Valkyrie Funds, the exchange-traded fund (ETF) unit of its U.S. counterpart, Valkyrie Investments. This includes the Valkyrie Bitcoin Fund, which is currently awaiting approval in the United States.

The move, announced on November 17, is part of CoinShares’ strategic expansion into the U.S., a market increasingly seen as a potential hub for crypto ETF offerings. Jean-Marie Mognetti, the CEO of CoinShares, expressed the company’s desire to capitalize on the evolving global ETF market, especially in the U.S.

Crypto Spot ETPs Paving the Way

Mognetti highlighted the establishment of crypto spot ETPs (Exchange Traded Products) in Europe since 2015, a trend expected to be mirrored in the U.S. He sees this divergence in market evolution as presenting both challenges and significant opportunities for the firm.

The exclusive option for acquisition will remain active until March 31, 2024. During this period, Valkyrie Funds will continue to operate independently until the acquisition by CoinShares is finalized.

As part of the agreement, the two companies also agreed on a brand licensing term, allowing the CoinShares name to be used in future S-1 filings with the U.S. Securities and Exchange Commission (SEC), typically used when companies plan to go public.

If the SEC approves the Valkyrie Bitcoin Fund, Valkyrie intends to incorporate the CoinShares name into the ETF. Valkyrie initially filed for the spot Bitcoin ETF, valued at $36,473, on June 21, alongside BlackRock and several other financial firms.

With over $3.2 billion in assets under management, CoinShares expressed optimism about the U.S. crypto ETF market in September and emphasized that the economic powerhouse is actively addressing digital asset regulation.