European firm CoinShares is making strides in the U.S. market with the acquisition of Valkyrie Funds, the issuer of a successful Bitcoin ETF. This strategic move comes in the wake of the SEC’s landmark approval for spot Bitcoin ETFs.
Valkyrie Funds, a unit of Valkyrie Investments, had a successful launch of its ETF in the U.S. spot Bitcoin ETF market. CoinShares announced its acquisition of the Nashville-based Valkyrie Funds on Friday, January 12, exercising an option secured in November. This move is supported by the SEC’s approval to list spot Bitcoin ETFs, including Valkyrie’s product, which debuted on Nasdaq under the symbol ‘BRRR’. Valkyrie was a pioneer in receiving regulatory approval.
With this acquisition, CoinShares is not only expanding its presence in the U.S. market but also diversifying its European business by adding a U.S. division. The company will also acquire assets of around USD $110 million managed by Valkyrie, spread across the Valkyrie Bitcoin and Ether Strategy ETF (BTF), the Valkyrie Bitcoin Miners ETF (WGMI) and the recently launched BRRR.
Jean-Marie Mognetti, CEO of CoinShares, stated, “Our expertise has positioned us as a leader in the European market, controlling more than 40% of all assets under management in crypto ETPs. The decision to exercise our option to acquire Valkyrie Funds is aimed at expanding our European success into the U.S. market.”
The acquisition follows the SEC’s historic approval of eleven spot Bitcoin ETFs, including products from BlackRock, Franklin Templeton, Fidelity, Invesco, Ark, Grayscale and other prominent issuers. On their initial trading day, the spot ETFs reached a total trading volume in excess of USD $4.5 billion.
However, Valkyrie’s spot Bitcoin ETF underperformed in trading volume, posting approximately USD $9 million compared to competitors such as BlackRock and Grayscale. After its launch, the Bitcoin price reached about USD $49,000, but experienced a rapid decline.
Shares of various crypto companies, including CoinShares, also experienced a depreciation in the last 24 hours. The company suffered a loss of more than 5% in the Stockholm market.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇸🇪 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Jean-Marie Mognetti |
| Companies | Ark, Invesco, Valkyrie Funds, Valkyrie Investments, CoinShares, Nasdaq, Fidelity, BlackRock, Grayscale, Franklin Templeton |
| Currencies | Bitcoin, united states dollar, Lido Staked Ether |
| Securities | Ark, Invesco, Valkyrie Funds, CoinShares, Fidelity, BlackRock, Grayscale, Franklin Templeton |
