CoinShares International Buys Valkyrie Funds

It has been revealed the fact that CoinShares International has just bought Valikyrie funds. Check out the latest reports about this below.

CoinShares International has announced the purchase of digital asset manager Valkyrie Funds.

This move comes after the U.S. Securities and Exchange Commission (SEC) approved the firm’s US spot market Bitcoin (BTC) exchange-traded fund.

In a recent press release, CoinShares stated that it is expanding its business into the U.S. by exercising its option to acquire Valkyrie Funds, which was a direct result of the SEC’s decision.

“CoinShares’ decision to exercise this option comes as a direct result of SEC approval for the issuance of Valkyrie’s spot Bitcoin ETF, The Valkyrie Bitcoin Fund (BRRR), which commenced trading on Thursday 11th January 2024 on Nasdaq as part of the first cohort of issuers for such products in the US.

This move aligns with the positive developments in the US regulatory landscape and CoinShares’ strategy to expand its digital asset offerings in the US market.”

As stated by Jean-Marie Mognetti, the chief executive of CoinShares, in the press release,

“Exercising our option to acquire Valkyrie Funds aims at extending our European success in the US, offering unparalleled access to regulated digital asset products to American investors.

This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space.”

The recent decision by the SEC marks a significant milestone in the world of digital assets. After years of rejecting them, the regulatory agency has approved a number of BTC ETFs, creating a new conduit between Wall Street and the crypto industry.

This development allows investors to purchase shares and gain exposure to Bitcoin, the top crypto asset by market cap, without the need to buy it directly.

All 11 applications to create spot market BTC ETFs have been approved by the SEC, including those from VanEck, BlackRock, ARK Invest, Invesco, Fidelity, Franklin Templeton, and Grayscale.