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European fund manager CoinShares has completed its acquisition of Valkyrie Funds LLC.
The European investment company—which specializes in digital assets—said in a Tuesday announcement that it had completed the move. The acquisition also means that CoinShares has sponsor rights to Valkyrie’s new Bitcoin exchange-traded fund (ETF).
CoinShares CEO Jean-Marie Mognetti said the move was “yet another step in our growth strategy, with a special focus this time on the U.S.”
Jersey-based CoinShares announced its plan to buy Valkyrie’s ETF business in November.
The Securities and Exchange Commission gave the green light to 11 spot Bitcoin Bitcoin ETFs on January 11, allowing them to trade on U.S. stock exchanges. Ten have since launched, and have seen massive growth—buoying the rest of the digital assets market.
One is the Valkyrie Bitcoin Fund, which trades on Nasdaq under the BRRR ticker. CoinShares will now have control of the product, as well as the firm’s Bitcoin Miners ETF (WGMI), its Bitcoin and Ether Strategy ETF (BTF), and the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX).
With the move, CoinShares is set to gain around $530 million of assets under management across four funds.
The BRRR ETF is one of the smaller Bitcoin ETFs, with $297.3 million in assets under management. To compare, BlackRock’s iShares Bitcoin Trust currently has over $14 billion.
Edited by Ryan Ozawa.
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