The ETP provider CoinShares has secured an option to acquire its competitor Valkyrie Funds, part of the Valkyrie Investments group.
? ? 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
The term of the agreement expires on March 31, 2024. Valkyrie Funds will continue to operate as an independent entity until the deal is finalised.
Financial terms were not disclosed.
The firm expects the SEC to review its application to launch a spot ETF based on digital gold. If approved, Valkyrie will add the partner’s name to the instrument’s designation.
The acquisition will allow CoinShares to continue its expansion in the United States and to reap the benefits as fragmentation in the global market ETF eases.
“Such disparity in development creates both problems and significant opportunities,” said the company’s CEO Jean-Mari Mognetti.
The two firms have agreed on branding licensing terms under which the CoinShares name will be used in future SEC filings.
In the seven weeks to November 10, inflows into cryptocurrency investment products exceeded $1 billion, according to CoinShares.