Bloomberg Analyst Says CoinShares’ Acquisition Of Valkyrie Funds Is A Big News

CoinShares, a leading European crypto ETF issuer, has secured an exclusive option to acquire Valkyrie Funds from now until its expiry on March 31, 2024. It is a strategic move towards market leadership and bolstering a strong presence in the US, strengthening to create a global one-stop-shop in digital asset investments. Bloomberg analyst says it’s a big move.

CoinShares Gets Right To Acquire Valkyrie Funds

According to a press release on November 16, CoinShares has secured an exclusive option to acquire Valkyrie Funds, the investment advisory business of Valkyrie Investments. The option to acquire Valkyrie Funds from Valkyrie Investments is active until March 31, 2024.

The acquisition of Valkyrie marks the entry of European crypto ETF issuer CoinShares into the U.S. market, strengthening digital asset management expertise globally.

Jean-Marie Mognetti, CEO of CoinShares, said:

“The global ETF market is fragmented. The establishment of crypto spot ETPs in Europe since 2015, a development about to be mirrored in the U.S., is the perfect illustration.”

Also Read: BlackRock Ethereum ETF Is Bearish Says Blockstream CEO Adam Back

Bloomberg analyst James Seyffart asserts potential acquisition of Valkyrie Funds by Coinshares is a big move for the companies, which will also bring ETF expertise to the US. He

Furthermore, Valkyrie Investments plans to incorporate CoinShares’ name if the U.S. SEC approves the Valkyrie Bitcoin Fund. Valkyrie has filed for a spot Bitcoin ETF with the U.S. SEC, with the conductive discussion hinting at potential approval triggering a massive rally in BTC price.

BTC price pares earlier gains, falling more than 3% in the past 24 hours, with the price currently trading at $36,400. The 24-hour high and low are $36,302 and $37,964, respectively. Furthermore, the trading volume has increased by 22% in the last 24 hours, indicating a rise in the interest of traders.

Also Read: Crypto Market Selloff – Here’s Why BTC, ETH, XRP, SOL Fell After BlackRock Ether ETF News

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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