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CoinShares secures purchasing rights for Valkyrie's cryptocurrency ETF division

CoinShares secures purchasing rights for Valkyrie’s cryptocurrency ETF division

CoinShares, a European digital asset manager, has secured the exclusive option to acquire Valkyrie Funds, the ETF unit of its US competitor Valkyrie Investments. This move allows CoinShares to expand into the US market, which is expected to become a hub for ETF offerings. CoinShares CEO Jean-Marie Mognetti believes that the acquisition of Valkyrie Funds will help the company capitalize on the fragmented global ETF market. The option will remain active until March 31, 2024, and Valkyrie Funds will continue to operate independently until the acquisition is finalized. Additionally, CoinShares and Valkyrie agreed on a brand licensing term where the CoinShares name will be used in future S-1 filings to the Securities and Exchange Commission. If the SEC approves the Valkyrie Bitcoin Fund, the CoinShares name will be incorporated into the ETF. CoinShares currently oversees over $3.2 billion in assets under management and expressed optimism towards the US cryptocurrency ETF market.

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