CoinShares International is buying digital asset manager Valkyrie Funds after the U.S. Securities and Exchange Commission (SEC) approved the company’s U.S. spot Bitcoin (BTC) exchange-traded fund.
In a new press release, European digital investment group CoinShares says say it is venturing into the US by exercising its option to acquire Valkyrie Funds, a move the company said was a direct result of the SEC’s decision.
“CoinShares’ decision to exercise this option comes as a direct result of the SEC’s approval of the issuance of Valkyrie’s spot Bitcoin ETF, The Valkyrie Bitcoin Fund (BRRR), which began trading on Nasdaq on Thursday, January 11, 2024 as part of the first cohort of issuers of such products in the US.
This move aligns with positive developments in the US regulatory landscape and CoinShares’ strategy to expand its digital asset offering in the US market.”
As Jean-Marie Mognetti, CEO of CoinShares, states in the press release:
“Exercising our option to acquire Valkyrie Funds aims to expand our European success in the US and provide US investors with unparalleled access to regulated digital asset products.
This expansion is a clear sign of our drive for acquisition to support our ambition to be a global leader in digital assets.”
The SEC’s recent landmark decision, in which the regulator approved a slew of BTC ETFs after years of rejecting them, created the first-ever channel between Wall Street and the digital asset industry.
The long-awaited move will allow investors to buy shares and gain exposure to the top crypto assets by market capitalization without having to buy them outright.
The SEC approved all 11 applications to create BTC ETFs in the spot market, including those from VanEck, BlackRock, ARK Invest, Invesco, Fidelity, Franklin Templeton and Grayscale.
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Featured image: Shutterstock/Katynn/Natalia Siiatovskaia