Coinshares Acquired The Rights To Purchase Valkyrie's Crypto Etf Unit.

The deal comes as Bitcoin ETF applications in the U.S. are seemingly inching closer toward regulatory approval.

European digital asset manager CoinShares has obtained the option to acquire Valkyrie Funds, including Valkyrie Bitcoin Fund, the exchange-traded fund (ETF) unit of its U.S. competitor Valkyrie Investments, which is awaiting approval in the U.S.

CoinShares, in a statement on November 17, mentioned that this move could help them become a central hub for ETF proposals in the U.S. Jean-Marie Mognetti, the CEO of the company, expressed hopes that the acquisition of Valkyrie would assist them in benefiting from the fragmented global ETF market.

Mognetti also stated, "We've been creating crypto spot ETPs in Europe since 2015, and soon the U.S. will follow the same path. This is a fantastic development. While market development inequalities may pose challenges, they also lead to significant opportunities."

🚀Exciting update! @CoinSharesCo secures an option to acquire @ValkyrieFunds, uniting our strengths to create a global one-stop-shop in digital asset investments. This marks a strategic leap towards market leadership and bolsters our strong presence in the U.S.!… pic.twitter.com/0BPNGC518P

— CoinShares (@CoinSharesCo) November 16, 2023

The purchase option will be valid until March 31, 2024. Valkyrie Funds will continue to operate as an independent entity until the acquisition process is completed by CoinShares.

🚀 🎉 Big News! Valkyrie is set to join the @CoinSharesCo family! We're thrilled about this partnership, uniting our U.S. market insights with CoinShares' global expertise. Together, we're redefining digital asset investment in the U.S. and beyond!https://t.co/jiLOMIm8qR pic.twitter.com/s5URikl8Ci

— Valkyrie (@ValkyrieFunds) November 16, 2023

Two cryptocurrency firms have reached an agreement on licensing terms for the use of the name "CoinShares" in S-1 filings to be submitted to the U.S. Securities and Exchange Commission (SEC) when they plan to go public in the future.

If the SEC approves Valkyrie Bitcoin Fund, Valkyrie aims to incorporate the name "CoinShares" into the ETF.

CoinShares, a European digital asset manager with assets exceeding $3.2 billion, expressed optimism about the U.S. cryptocurrency ETF market in September and emphasized that economic strength has not been delayed in digital asset regulation.