CoinShares, a European investment company specialising in digital assets, announced the completion of its acquisition of Valkyrie Funds LLC, as well as the Sponsor rights to the Valkyrie Bitcoin Fund, the physically-backed Bitcoin ETF.
With the addition of approximately Valkyrie’s $530 million of assets under management , CoinShares’ AUM has increased to approximately $7.3 billion globally as of 11th March 2024. This move accelerates CoinShares’ expansion into the U.S. market and is a further milestone towards building a global asset management franchise.
As previously announced, CoinShares has held an option to acquire Valkyrie since November 2023, which was exercised following Valkyrie Investments’ launch of Valkyrie Bitcoin Fund in January 2024. The close of the acquisition enhances CoinShares’ deep commitment to Valkyrie’s growth and success while also promoting the creation of cutting-edge digital asset investment solutions.
Looking ahead, CoinShares plans to use the Valkyrie ETF infrastructure to develop its U.S. asset management business, with a clear focus on product innovation and market differentiation. The new platform will operate as a forward-looking thematic asset manager for the U.S. market, leaning on the success of unique thematic products such as $WGMI — the highest-performing non-leveraged ETF in 2023 across all sectors — and the newly introduced $BTFX, a 2x leveraged bitcoin futures ETF.
These offerings demonstrate CoinShares’ commitment to delivering diverse and advanced strategies that go beyond mere beta exposure to digital assets. CoinShares is well equipped with a comprehensive suite of tools, including hedge fund expertise, quantitative research, equity analysis, and profound digital asset knowledge, that has enabled the Company to craft innovative, high-performing, and unique products tailored to investor expectations in the evolving financial landscape.
Jean-Marie Mognetti, CEO of CoinShares, commented on the acquisition:
“10 years ago, CoinShares started offering digital asset exposure to European investors through regulated products with a steadfast commitment to innovation and being first to market.
The Valkyrie acquisition is yet another step in our growth strategy with a special focus this time in the U.S. This acquisition brings an additional $530 million AUM to CoinShares, which makes it a top line contributor from day one. More importantly, it broadens our product offerings, strengthens our innovation capacity, and increases by a factor of 15 our total addressable market.
The U.S. represents a critical market for any asset manager and with a dedicated platform as well as the right product-market fit, CoinShares is poised to deliver significant value to its stakeholders.
Following the completion of the acquisition, CoinShares has initiated the process of seamlessly blending Valkyrie into its portfolio of brands, with both teams working together to ensure a smooth transition and the continued excellence of product offerings.
Central to this integration is the strategic decision to rebrand Valkyrie under the CoinShares umbrella. This initiative, which is expected to be finalised by the summer, aims to unify the product lineup across the entire CoinShares ecosystem, thereby reinforcing brand consistency and amplifying brand awareness in the U.S.
Featured image credit: Edited from freepik
