CoinShares completes acquisition of Valkyrie Funds, gains sponsor rights to Bitcoin ETF, expanding its US presence.
The European fund manager CoinShares has officially announced the completion of its acquisition of Valkyrie Funds LLC.
This European firm, which is focused on investments in digital assets, confirmed on a Tuesday that the acquisition has been finalized. This deal grants CoinShares the sponsor rights for Valkyrie’s newly launched Bitcoin ETF.
"This acquisition marks another significant milestone in our expansion strategy, this time with a particular emphasis on the U.S. market," said CoinShares CEO Jean-Marie Mognetti.
The acquisition of Valkyrie's ETF operations was initially announced by the Jersey-based CoinShares in November.
Today marks the completion of our ETF platform sale to @CoinSharesCo. We are thrilled to have developed an outstanding range of ETFs since 2021, offering investors pathways into the rapidly expanding ecosystem of digital assets.
— Valkyrie (@ValkyrieFunds) March 12, 2024
The SEC approved 11 spot Bitcoin ETFs on January 11, allowing them to be traded on American stock exchanges. Since then, ten of these have launched, contributing to significant growth across the digital asset markets.
Among these, the Valkyrie Bitcoin Fund, listed under the BRRR ticker on Nasdaq, is now under CoinShares’ management. Additionally, CoinShares will oversee the firm’s Bitcoin Miners ETF (WGMI), the Bitcoin and Ether Strategy ETF (BTF), and the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX).
This strategic move brings approximately $530 million in assets under management to CoinShares, spread across these four funds.
Despite being one of the smaller Bitcoin ETFs, the BRRR ETF manages $297.3 million in assets. For perspective, BlackRock’s iShares Bitcoin Trust oversees more than $14 billion in assets.