CoinShares acquired Valkyrie’s funds business on Tuesday, as part its effort to expand their asset management footprint across the US.
In particular, the investment company focused on Europe purchased the active managed ETF business of the Tennessee-based crypto assets manager. The deal’s details were not revealed.
CoinShares announced in November that it had acquired an option to purchase Valkyrie Fund Division. This option is valid until March 31st, 2024.
CoinShares will gain approximately $530,000,000 of assets managed across four funds.
This includes one of the 10 US spot bitcoin ETFs — the Valkyrie Bitcoin Fund (BRRR) — as well as the firm’s Bitcoin Miners ETF (WGMI); its Bitcoin and Ether Strategy ETF (BTF); and the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX).
CoinShares plans to rebrand four Valkyrie Funds by summer. The company announced this in a news release on Tuesday.
CoinShares CEO Jean-Marie Mognetti stated in a press release that the Valkyrie purchase is a move to expand into US markets after spending a decade focusing on European ones.
“It broadens our product offerings, strengthens our innovation capacity and increases by a factor of 15 our total addressable market,” Mognetti added.
Valkyrie was one of a handful of issuers who received approval from the Securities and Exchange Commission in January for launching a bitcoin spot ETF.
BRRR is one of the smaller funds within the sector, but according to BitMEX Research it has had net inflows in excess of $300 million since its inception on 11th January. Data shows that the fund’s assets had surpassed $400 million at Monday’s market closing.
Valkyrie was second to the US market — behind ProShares — with an ETF that invested in bitcoin futures contracts, launching that offering in October 2021. Last October, the fund also began giving investors exposure to futures contracts for ether.
Last month, the company introduced its Bitcoin Futures Leveraged Strategy ETF.
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