dailyhodl.com
CoinShares International is purchasing US digital asset management firm Valkyrie Funds after the U.S. Securities and Exchange Commission (SEC) approved the firm’s US spot market Bitcoin (BTC) exchange-traded fund.
In a new press release, European digital investment group CoinShares says it’s venturing into the US by exercising its option to acquire Valkyrie Funds, a move the firm says came as 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 SEC’s recent landmark decision, which saw the regulatory agency approve a slew of BTC ETFs after years of rejecting them, created the first-ever conduit between Wall Street and the digital assets industry.
The highly anticipated move allows investors to purchase shares and gain exposure to the top crypto asset by market cap without having to directly buy it.
The SEC approved all 11 applications to create spot market BTC ETFs, including those of VanEck, BlackRock, ARK Invest, Invesco, Fidelity, Franklin Templeton, and Grayscale.