CoinShares has revealed its intention to acquire Valkyrie Funds, an investment advisory firm specializing in spot Bitcoin ETFs, following the recent approval of Valkyrie’s own spot Bitcoin ETF by the SEC. As a subsidiary of Valkyrie Investments, renowned for its focus on digital asset investments, Valkyrie Funds gained regulatory approval on Wednesday and commenced trading on Thursday.
Expressing his excitement about the acquisition, CoinShares CEO Jean-Marie Mognetti highlighted the company’s strategic goal of expanding its European success into the U.S. Mognetti emphasized the aim to provide American investors with unparalleled access to regulated digital asset products. This move is seen as a clear indication of CoinShares’ appetite for acquisitions, aligning with its overarching ambition to establish itself as a global leader in the digital asset space.
Upon finalizing the acquisition, CoinShares anticipates a substantial increase in its assets under management, currently valued at $4.5 billion. The addition of Valkyrie’s assets, totaling $110 million across three crypto ETFs, is expected to contribute significantly to this growth.
Despite the positive outlook, it’s noteworthy that Valkyrie’s spot Bitcoin ETF experienced comparatively lower trading volume during its debut. With just under $9 million in trading volume, it lagged behind other spot Bitcoin ETFs introduced on the same day. For instance, BlackRock’s iShares Bitcoin Trust recorded $1 billion in trading volume, while the Grayscale Bitcoin Trust reached an impressive $2.27 billion.