CoinShares Announces Option to Acquire ETF Firm Valkyrie Funds

CoinShares (Nasdaq Stockholm: CS; US OTCQX: CNSRF) has announced an option to acquire Valkyrie Funds. CoinShares did not provide details beyond the option, which is scheduled to expire on March 31, 2024. Valkryie is a firm that aims to offer a Bitcoin ETF – if approved by regulators. CoinShares is gambling that a BTC ETF will be announced before the end of March.

The option grants CoinShares the exclusive right to purchase 100% of Valkyrie Funds from Valkyrie Investments, as well as all of Valkyrie Investments’ associated rights with the Valkyrie Bitcoin Fund and any other unlaunched ETFs currently held by Valkyrie Investments.

CoinShares is an investment company that specializes in the digital asset sector. CoinShares is headquartered and regulated in the Jersey Islands. It is also regulated by the French Autorité des marchés financiers, and FINRA in the US.

CEO of CoinShares, Jean-Marie Mognetti, said that spot crypto ETFs have been available in Europe since 2015, and this is about to be mirrored in the US.

“This disparity in market evolution presents both challenges and significant opportunities. The option to acquire Valkyrie is accelerating our expansion into the U.S. market and the deployment of our digital asset management expertise globally.”

Mognetti said that Valkyrie’s experience and track record align with CoinShares, and they look forward to exploring the acquisition option.

CoinShares currently offers a European crypto exchange-traded product and oversees more than $3.2B in AUM. The acquisition option is described as the next step in CoinShares’ expansion into the U.S. market, following the launch of its Hedge Fund Solutions in September of 2023.

As part of the acquisition option, the two companies have finalized a brand licensing agreement. Valkyrie Investments is granted a limited, revocable global license to use the “CoinShares” name for its S-1 filings with the SEC throughout the option period. Should the SEC approve the Valkyrie Bitcoin Fund, Valkyrie Investments plans to incorporate the CoinShares name, signifying CoinShares’ first venture into offering a mainstream crypto passive product in the US market.

The exercise of the acquisition option is contingent on regulatory approvals and consents, satisfactory due diligence, and the completion of requisite legal agreements.

CoinShares recently instituted a share buy back program, which was extended. The goal is to reduce the capital of the company.

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