[NEWS] CoinShares acquires Valkyrie investment advisory business to enter the U.S. market

European digital asset management company Coin Shares announced on the 16th that it will acquire Valkyrie Funds, an investment advisory firm specializing in cryptocurrency ETFs, from Valkyrie Investments.

According to the statement, the agreement to acquire Valkyrie Funds from Valkyrie Investments is valid from the 16th until its expiration date of March 31, 2024.

In addition, Coin Shares and Valkyrie have also signed a brand licensing agreement for Valkyrie products. The agreement allows Valkyrie to have permission to use the CoinShares name on investment products designated by Valkyrie and regulatory filings.

Of note, one of the investment products is a Bitcoin spot ETF, which is currently pending.

CoinShares said in a statement, "During the term of the agreement, Valkyrie Investments will be granted a limited, revocable global license to use the CoinShares name on its Form S-1 filings with the SEC. If the SEC approves the Valkyrie Bitcoin Fund (a Bitcoin spot ETF), Valkyrie Investments will incorporate the CoinShares name, which would mean CoinShares would be the first to offer cryptocurrency investment products in the U.S. market."

The signing of this agreement will mark CoinShares' entry into the U.S.

Valkyrie will continue to operate as an independent entity until the contract deadline of March 31, 2024.

Will CoinShares' entry into the U.S. accelerate?

CoinShares CEO Jean-Marie Mognetti commented, "Since 2015, cryptocurrency spot ETFs have been released in Europe, and this movement is being mirrored in the U.S., but this initiative will be a perfect example."

"This gap in market evolution brings both challenges and great opportunities. In choosing to acquire Valkyrie, CoinShares gains entry into the U.S. market and digital asset management expertise," he continued.

Valkyrie CEO Leah Wald also said, "This deal is aligned with Valkyrie's vision to drive growth and innovation in the digital asset market."

Following this announcement, CoinShares' U.S. expansion may accelerate. Bloomberg ETF analyst James Seyffart said, "This deal will give CoinShares a big jump into the U.S.."

Valkyrie is one of the companies that have applied for a Bitcoin spot ETF, along with Franklin Templeton and BlackRock.

The SEC has yet to make a decision on the approval of a Bitcoin spot ETF. The SEC recently announced a delay in its decision on Hashdex's Bitcoin spot ETF application.

Reference:Announcement
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