coindesk.com
Crypto asset manager CoinShares (CS) exercised its option to buy the exchange-traded fund (ETF) unit of Valkyrie Investments, adding a U.S. arm the day after spot bitcoin ETFs debuted in the U.S.
CoinShares secured the option to purchase Valkyrie Funds in November last year and said on Friday the decision to exercise it was a direct result of the U.S. Securities and Exchange Commission's (SEC) approval of the listing of spot bitcoin ETFs, including Valkyrie's.
The acquisition will add around $110 million to CoinShares existing assets under management (AUM) of $4.5 billion. As well as the newly approved spot Valkyrie Bitcoin Fund (BRRR), CoinShares gains the Bitcoin and Ether Strategy ETF (BTF) and the Bitcoin Miners ETF (WGMI).
Financial terms for the acquisition, which is subject to satisfactory due diligence completion, were not disclosed.
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